Whitaker Bank has agreed to sell the now defunct Andover Golf and Country Club to a consortium of neighborhood associations that surround the troubled golf course whose fate has been in question for more than a year.
The bank took control of the golf course in February 2017 after it went bankrupt and closed its doors. In April 2017, the bank purchased the property for $2.9 million.
But many neighborhoods in that area were concerned about the future of the course and the potential loss of green space. The bank and the homeowners group called the Alliance of Andover Homeowners Associations announced Thursday afternoon that after months of negotiations they have come to a tentative deal to sell the course to the homeowner associations.
The final sale price was not disclosed Thursday. All of the boards of each of the associations must approve the deal. Those neighborhood associations include Andover Forest Homeowners Association, Andover Neighborhood Association, The Golf Townhomes at Andover Homeowners Association, The Golf Townhomes of Andover, The Villas At Andover Homeowners Association and the Reserve at Andover Residential Homeowners Association. The golf course is on Todds Road.
Steve Spalding, a representative of the Andover neighborhood alliance, said Whitaker Bank could have sold the land for more to other bidders but instead chose to work with the neighborhoods.
"We know Whitaker Bank has other offers to buy the property at much higher amounts; however, the bank wanted to work with our homeowners," Spalding said." We want to thank Whitaker Bank for working with us and for doing the right thing for the Andover community and our associations."
Further details - including whether the alliance will continue to operate the property as a golf course - will not be released until the deal becomes final, likely in the next 45 days, said Nathan Billings, a lawyer for the Alliance of Andover Homeowners Associations. Billings said he expects all the neighborhood associations should meet in the next 45 days to vote on the proposed deal.
Tom Hinkebein, president of Whitaker Bank, thanked the Andover neighborhood groups for working with the bank.
"It has been a difficult situation for everyone and the Andover representatives worked diligently to gain control of the property for all Andover homeowners," Hinkebein said.