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Lucent Turns Profit on Country Club Sale

July 31, 2001|Associated Press

Amid mounting financial losses and job cuts, struggling Lucent Technologies Inc. has turned a profit on one investment: an exclusive country club in New Jersey's tony horse and fox-hunting country.

Murray Hill, N.J.-based Lucent sold its Hamilton Farm Golf Club in leafy Somerset County for $51 million. The company had spent $40 million-plus over the last three years developing the 5,000-acre estate of the late financier James Cox Brady into the golf club.

The buyer, a Towson, Md.-based real estate investment company called Townsend Capital, confirmed the purchase price.

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