Westover Sold To Boston Group On $277,500 Bid
Local Group Topped After Tie Offer
January 21, 1954 – The Norwood Messenger
After weeks of negotiations by opposing factions, marked by repeated hearings, conferences, and delays, Westover has at last been sold.
These choice real estate properties in Norwood and Westwood for which George F. Willett struggled a lifetime to turn into a model garden village, went Tuesday afternoon for $277,500.00, the highest of two sealed bids submitted.
This offer came from a Boston group, which up until today remained unnamed.
The bid, which was accepted Tuesday afternoon at 4 o’clock by Atty. Edwin F. Hannon, the Referee in Bankruptcy, was submitted by the attorney for the group, Joseph H. Rosenshine of Boston.
The offer was accepted and confirmed. The sales agreement, accompanied by an additional deposit, was to have been signed today, and the group is due to take the title in 60 days.
The names of those in the Boston group were not disclosed. The reason stated for withholding the names was that the exact method of development has not yet been determined; that is, there may be a corporate form of development. These particulars, it was stated, could not be determined until the retain to Boston of one of the principals, now out of state but expected back shortly.
The Boston group was one of two submitting sealed bids for the property. John T. Bums & Sbrs, Inc. of Newton were the brokers.
Losing out on the sale was the Norwood group of John Devine, Alexander Skene, and Clement Riley, who had been the first; to submit a formal offer for the land when the bankrupt properties were first put up for sale. It will be remembered that the Norwood group offered $235,000, which was accepted and a sales agreement signed with the Receiver. But when the hearing was held on the confirmation of the sale before the Referee, the Norwood Civic Association came in with a higher bid of $275,000, The latter group defaulted when it was unable to make satisfactory financial arrangements before the deadline by the Referee.
After the Civic Association withdrew, the Norwood group came back into the picture and entered a protest when it was learned that it was intended to sell the property to a Boston group, which had offered $250,000. At that point, the Referee decided to call for sealed bids. The bids, opened by the Referee in Bankruptcy Court last Monday, proved to be of equal amount – $261,000. Actually, the Norwood grou[s offer was $264,000, but this included a $3,000 brokers fee, which made the net offer $261,000, the same offered by the Boston group.
Confronted with tie bids, the Referee ordered the two groups to submit new sealed bids at 4 o’clock the same day. both groups increased their bids substantially, but the Boston bid was higher, theirs being $277,500 against a Norwood offer of $275,000.
The Referee immediately accepted the higher bid and the legal machinery was set in motion for the transfer of title 60 days hence.