CORNWALL-ON-HUDSON, N.Y. – The 126-year-old New York Military Academy — once attended by Donald Trump, Stephen Sondheim and John Gotti — has closed its doors and is up for auction.
The New York Times reports (http://nyti.ms/1Kqcnw3 ) the doors of the financially-struggling private boarding school were closed for good last Monday, despite promises of remaining open.
The school, which filed for Chapter 11 bankruptcy protection in March, will be auctioned off at the end of the month for a minimum bid of $9.5 million. The new buyer of the 113-acre property in the Orange County village of Cornwall-on-Hudson isn’t required to maintain a school on the land.
A deal to sell the school to a group of California-based investors fell through when a down payment of $1.3 million wasn’t delivered earlier this month.
Information from: The New York Times, http://www.nytimes.com