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Auction Now Closed. Prices Shown Include Buyer's Premium.
 

LOT: 9     Historically Significant 1935 Letter Regarding Augusta National Foreclosure

 


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FINAL BID:     $1,988.35

Start: 7/23/2014 4:00:00 PM EST

End: 8/10/2014 10:28:47 AM EST

 

STARTING BID:     $500.00

BID COUNT: 0 (Bid History)

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DESCRIPTION:

The Ryder Cup

 

 

Historically Significant Augusta National Golf Club Letter

regarding Foreclosure and Formation of The Augusta National, Inc.

          Offered here is a truly significant opportunity to obtain an original December 2, 1935 letter from Augusta National's attorneys to its creditors announcing the foreclosure sale of the most famous golf course in the world. When Bobby Jones and Clifford Roberts decided to build their dream golf course in 1931, they formed an entity called Fruitland Manor Corporation, to own the land that would become Augusta National's golf course.  According to this letter, due to the Great Depression, that new entity could not met its obligations. Therefore, even after the 1934 and 1935 Masters Tournaments were held (then-called the Augusta National Invitation Tournament), the Fruitland Manor Corporation went through foreclosure. The land, which now contained the Augusta National golf course, was purchased at the foreclosure sale to ensure the survival of the course and Augusta National Golf Club, and a new entity was formed - The Augusta National, Inc. This letter to the creditors of Augusta National is from Augusta National's attorney. It relays the above-mentioned events, and goes on to give Augusta National's creditors a one-time option (to expire 3 weeks later) to accept Class B stock in The Augusta National, Inc. or to forever relinquish any right as creditor (due to the foreclosure).

          This original letter comes from the grandson of one of those early Augusta National creditors. It has never been seen publicly before this auction. This letter represents a significant point in the difficult early history of Bobby Jones' Augusta National Golf Club, as it struggled to run a private golf club and golf tournament in the midst of the Great Depression.

 
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