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December 1, 2009

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Mogul buying DeLorean land

Tuesday, Sept. 17, 2002 | 10:52 a.m.

BEDMINSTER, N.J. -- Donald Trump agreed to buy a New Jersey farm that once belonged to automaker John DeLorean, and will convert it to a private golf course and equestrian center, the Courier-News of Bridgewater, N.J. reported.

The New York real estate developer and Atlantic City casino owner is buying the 505-acre Lamington Farm Club in Bedminster, the Courier-News said, citing Trump and Ashley Cooper, managing member of a partnership led by National Fairways, which is the seller.

The partnership bought the land in January 2000 after DeLorean filed for bankruptcy protection, the paper said.

The farm already contains three holes of an unfinished course, plus five cottages, the newspaper said. Development stalled when the partners had trouble selling 14 residential lots on the property, according to the paper.

Trump, who declined to disclose the price, told the Courier-News he plans to finish the golf course, build homes on the lots and add horse-riding trails. Plans also include a swimming pool, tennis courts, and turning DeLorean's old 14,000-square-foot mansion into a clubhouse, the newspaper said.

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