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1/25/2012 - Freeholders Authorize Sale of Cumberland Manor

Freeholders Authorize the Award of Sale of Cumberland Manor

January 24, 2012

The Cumberland County Board of Chosen Freeholders approved a resolution Tuesday night authorizing the award of sale of the Cumberland Manor (located in Hopewell Township Cumberland County) to LTC Management, LLC, a New Jersey Corporation, the highest bidder under the notice of “Sale A” at an auction held earlier in the day.  

The winning bid was $14 million.  

Cumberland County Freeholder Director Carl Kirstein said, “We have been working on this for over a year.  It was important for the Board to take this action after 15 years of losses that are estimated to be close to $25 Million.  This is a step forward in relieving that heavy tax burden on the residents of the county.  I am also pleased that we were able to take the future of the employees into consideration as this decision was authorized.”

Finance Chairman Deputy Director Thomas Sheppard echoed Kirstein’s sentiments.  “Based on the preliminary figures from our Chief Financial Officer, this action will take some pressure off of the County’s budget for 2012.  While there will be more belt tightening to be done, the sale of the Cumberland Manor provides some relief”.

Finance and Department of Health member Freeholder William Whelan said, “This was an incredibly emotional decision, one that I took very seriously.  I thought about the patients and their families, as well as the employees and how the sale of the Manor would impact their households.  I am pleased that we were at least able to provide some protections for the folks working there.”

Not included in the $14 Million bid are the expenses to be paid by the buyer to the broker, taxes, closing costs and the required reports as stipulated under 40:A:12-13.5