Posh LI country club auctioned for $19M

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A 107-acre Long Island country club that went bust in the aftermath of Bernie Madoff’s Ponzi scheme and the real estate market crash was auctioned off for $19 million yesterday, but as individual parcels the land could be worth much more, the Post reported. The site of the posh former Woodcrest Country Club in Muttontown could be divided into a maximum of 35, three-acre parcels, per local zoning laws, and according to Ellen Zipes, a broker with Daniel Gale Sotheby’s International Realty, each of those plots could garner bids of as much as $2 million. With homes on them, the parcels could fetch twice that amount, she said. The new owner, Vicenza Properties, declined to reveal its plans for the property, which would need to be rezoned before any new development. [Post]

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