Thanks to Madoff, LI Country Club Losing Green
By BURL BRITT
Updated 9:00 AM EST, Tue, Apr 14, 2009
The latest victim of Wall Street investor Bernard Madoff's $65 billion Ponzi scheme may not be a person, but an entire country club.
Long Island's posh North Shore Country Club, in the Nassau County community of Glen Head, says it lost 65 members around the time that Madoff's swindle came to light, according to the New York Post.
Some club members could no longer afford the stiff $16,000-a-year fee.
"Bernie did a lot of damage here," said one employee. "One member was so hysterical she just cleaned out her locker and left."
Ten members were won back by discounted memberships to the 150-acre spread. The club claims six full-time employees and 20 part-timers had to be laid off. There are also fears that North Shore may have to roll up its well-manicured green carpet.
One source told the Post that right now the club has enough commitments and revenue sources to continue operating through this year.
After that? Some members say the club may have to be sold.
First Published: Apr 14, 2009 7:28 AM EST
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