The city’s recent bid of $2.49 million was not enough to take ownership of the 180 acres that comprise Germantown Country Club.
The attorney representing Germantown received formal notification on Friday from Cushman & Wakefield, the broker for the property, that the city’s proposal for acquisition was not selected.
Earlier this month, Germantown submitted an initial bid through a competitive sealed bid process to purchase the property.
In accordance with the procedures originally established by the trustee for the country club and their designated broker, all initial bids received were to be reviewed and finalists were to be selected for further consideration in advance of a final decision.
Representatives for the country club ultimately decided to execute a Letter of Intent with another party.
At this time, the city has not been made aware of the name of the party who has been selected.
Germantown officials said they will continue to release more information as it becomes available.
The city’s bid was under the $7.25 appraised value of the land.
The city paid around $12,000 to have the property appraised this spring.