Normally, the high bidder in the auction doesn’t get cheers and a standing ovation.”

JJ Manning, auctioneer

PORTSMOUTH — The leasehold rights to Carnegie Abbey’s private golf course, marina and more than eight acres of land designated for future condominiums and homes sold for about $8.8 million at a foreclosure auction Tuesday at the property’s clubhouse.

The successful bidder was not immediately identified, but it “consists of a group of current members committed to restoring the club to the high standards it has historically been known for,” said Laura Decker, director of membership and marketing for Carnegie Abbey. 

“There will be more details in the coming days,” she said.

Justin Manning, president and chief financial officer for JJ Manning Auctioneers in Massachusetts, oversaw the auction. He also did not disclose the identify of the bidding group, citing his firm’s policy of protecting buyers’ confidentiality. However, “you could draw your own conclusions” on the bidding group’s ties to the club, he said.

“When they were announced as the successful bidder, all the (club) members in the auditorium starting cheering. Normally, the high bidder in the auction doesn’t get cheers and a standing ovation,” Mr. Manning said.

There were seven bidders at the auction, which began at 4:30 p.m. and was not open to members of the media, nor anyone who did not successfully qualify to enter the bidding process.

The Benedictine monks who run Portsmouth Abbey School own the property on which the club was built. Developer J. Brian O’Neil had owned the leasehold rights since 2004. Through the foreclosure auction, financier Bank of Newport was attempting to recover as much money still owed on the property as possible.

Mr. Manning held four separate bidding rounds for different components of the property: the golf course and clubhouse, the 41-slip marina, 6 acres of land for future condominium development, and 2.5 acres of land for residential development.

The club’s equestrian center was originally part of the auction package, but was removed before the bidding started. 

“They canceled that yesterday,” said Mr. Manning said, adding he doesn’t know if it will be offered for sale in the future.

The winning bidding group made the highest offer for three of those four components, but ended up securing all the amenities because its bids totaled $5,000 more than the other prospective buyers’ offers, he said.

“That basically wiped out the individual rounds,” Mr. Manning said.

The successful bid for the golf course and clubhouse — excluding residential units that already have owners — was $6.7 million. Another $1.5 million was bid for the marina, while the residential development components drew $600,000.

Met expectations

Mr. Manning said the highest bid fell within his company’s expectations. 

“Definitely; we always through the range of the package was going to be between $7 million and $10 million,” he said.

The buying group put down a $180,000 deposit on the property Tuesday and another $700,000 is due by Friday, Dec. 7, he said.

“They have to bring it up within 10 percent of the purchase price by Friday. They have 30 days to close, but they can close sooner,” said Mr. Manning, noting that some buyers choose to close before the end of the year for tax purposes.