Bank buys YMCA facility for $410K
Published 5:19 pm Tuesday, February 28, 2017
The bank carrying the mortgage for the Winchester YMCA property bought the facilities Friday at auction.
According to Gooch Auction Group’s website, the property sold for $410,000 in an auction that took 15 minutes.
YMCA Board of Directors Chairman Brian Thomas said Winchester Federal Bank, which carries the mortgage for the Y, was the buyer for the property. What that means for the Y hasn’t been determined yet, he said.
“We have not talked to the bank about the effect of that purchase,” Thomas said Monday morning. “We’ll have to have another meeting with the bank.”
Thomas estimated the Y owed about $440,000 on the property. When the current board began a couple years ago, the Y owned around $600,000, he said.
The property was appraised in November 2016 at $875,000,
Friday’s auction was for the facilities and almost six acres of property. An online auction ended at 6 p.m. Monday for the equipment and property inside the buildings. The website for Gooch Auction Group lists 435 lots of property ranging from basketball goals and exercise equipment to lamps and cleaning equipment.
According to the appraisal, the property was built in 1983 as Breakers Swim and Tennis Club. It was acquired by the YMCA in 2000. The gymnasium was added in 2001 and the fitness center in 2003.
The Winchester YMCA board announced the facility was closing in December 2016, citing declining membership and maintenance costs for the facility. The final vestige of the YMCA, its youth basketball league, ended earlier this month.