It’s been a little over a year since PNC Bank foreclosed on the former Sangamo Club and so far, there have been no takers to repurpose the downtown property, despite significant price reductions since it was first listed for sale.
The 28,000-square-foot building at 227 E. Adams St. was initially listed by Hurwitz Enterprises in 2022 at an asking price of $1,450,000. The Sangamo Club was still operating at that time and James Ackerman, president of the board of directors, told SBJ that the board tried to implement several different strategies to stay open, including selling shares in an LLC which functioned as a loan to the club from the members.
The private dining establishment closed its doors in June 2023. Ackerman told SBJ at the time, “The club was a significant part of Springfield history; it’s been in business since 1890 and had a lot of notable people as members over the years. It’s sad to see it go.”
As recently as 2016, the club had close to 1,000 members, while the membership had dwindled to just 250 people by 2023, according to Ackerman. A letter notifying members of the closure noted that unlike country clubs, the Sangamo Club could not rely on golf, pool or other social activities and that the downtown area has experienced “an exodus of office workers, along with their expense accounts, exacerbating the impact…”
The foreclosure took place in April 2024, and the following month the property was listed with Todd P. Smith Commercial Real Estate at an asking price of $895,000. Aumann Auctions held a bankruptcy auction in October to sell the furnishings, artwork and kitchen equipment.
The asking price for the real estate has since been reduced to $695,000. The listing on Loopnet, a commercial real estate website, notes that the “property is being sold by judicial order and any sale shall be subject to court approval” and that “the real property is being sold as is.”
