The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-08
THE COTTAGE CLUB SOLD.
1T WAS BOUGHT By sR. EMILE
NEWMAN FOR Ss,I0O.

The Purchase Subject 10 n Lien for
Purchase Money on the Land
Amounting TO sI.sOO-The Property
Has Cost over s26.OOo-It May he
Opened Again This summer-some
Planters Rice Viii stock and city
Bonds sold.
The Cottage Club. with all its appur-
tenanees and properties. was sold az auc-
ton yesterday by Mr.. John Mclaughlin,
and was bought by Mr. Emile Newman,
whose bid was 800 The property was
sold subject TO a lien for sl.N9 due the
Tybee Beach Company for the land upon
which the buildings OF the club stand.
ON application of the Oglethorpe Saw
ings and Trust Company the trustee un-
der the mortgage for the bondh0lders, the
property was several months ago placed
in the hands Of a receiver by Judge Fail
ligant. A1r. George J. Baldwin. who was
then president. was made receiver. About
six weeks ago q final verdict and decree
were taken and the court fixed the
standing Of the liens. The $500 due the
Tybee Beach Company, Of course. re-
NAMED first lien upon the property, ana
under the order Of court the purchaser
was 10 buy fl with this debt against e.
The $4,000 bonds or thereabouts and the
$1,000 due the Oglethorpe Savings ana
Trust Company were made liens OF
equal rank. Messrs. Garrard, Meldrim K
Newman represented the trustee in these
proceedings.
Mr. Newman's first bid was Sc. 800. when
some one else after ii was cried for
few minutes increased the bid suddenly
% aun Al co
the property was knocked down 10 hin
at that figure. The purchase was consid-
cred for the present an individual one.
and in accordance with the order of cours
Mr.. Newman drew his check for $500 in
favor Of the receiver, this being the 20
per cent cash payment that was required.
1t may be, however that the property
goes to the trustee for the bondhoiders,
but it has not yet been decided what will
be done with it. There has been some talk
of having it opened up this summer UNI
der a capable management. somewhat
similar to the manner in which It was con-
Quoted last year This. however will be
decided later
The Cottage Club was built and equipped
at a time when Tybee was on "A boom. and
"A large number of prominent Savannah
ians. whose tastes were better suited by a
into the venture. Some $4,000 to $4,000
went into the property, and for quite
while IL was favorite resort. The Origi-
nal members. however, did not all take
the interest in IL that they did at the be-
ginning, and with a lack Of proper en-
thusiasm its decline began.
Messrs. ]. d. and r. ID. LaRoche made
several sales of good property. They sold
one hundred and fifty acres of land
on the Vernon shell road about
five miles from the city to Mr.. Benjamin
S. Wells at $2S per acre. This property
belonged to the estate Of Crowley. They
also sold eighty shares Of the Planters
rice mill stock to Mr.. w. G. Morrell at 1874
per share, and a lot with a double two
story tenement frame house. on Orange,
near Farm, to Victoria Macarthur for $500
Six one story houses on the north side of
New Houston street. between Burroughs
and West Broad were withdrawn at a
bid of $3.50, though Mr. LaRoche advised
a sale at this figure and IL may yet
be agreed upon. Mr.. LaROche says there
is a slight Improvement in the real estate
market though the sales were not quite
orally speaking however, he says the real
estate business is better than it has been
in sometime.
Mr.. r. H. Tatem sold the residence prop
erty belonging to the estate of Nj. Boley,
on the south side OF Jones street mean
for the purpose of winding up the affairs
of the estate. Mr.. Tatem also sold lot
No. Z, in Carpenters row, on East Broad
street, between State and President for
Sl,325.
Mr.. c. H. Dorset sold fifty acres on the
White Bluff road, near the four mile post
! in the village OF Hampstead, formerly the
/ property of the estate of Fahrenbach, for
/ S35 an acre. He also sold one 1900 and
one $500 city of savannah bond at 1852.