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To: Rocket Red who wrote (89142)	7/30/2001 11:14:53 PM
From: Jim Bishop	Read Replies (1) \| Respond to of 150070

Lucent Sells Private Golf Course By LINDA A. JOHNSON, AP Business Writer TRENTON, N.J. (AP) - Amid mounting financial losses and job cuts, struggling Lucent Technologies Inc. (NYSE:LU - news) has turned a profit on one investment: an exclusive country club in New Jersey's tony horse and fox-hunting country. The once high-flying telecommunications equipment maker, which this year is cutting expenses to the bone and laying off tens of thousands of workers, sold its Hamilton Farm Golf Club for $51 million. The buyer, a Towson, Md.-based real estate investment company called Townsend Capital LLC, confirmed the purchase price. Lucent, a former AT&T spinoff based in Murray Hill, spent $40 million-plus over the past three years developing the 5,000-acre estate of the late financier James Cox Brady into the golf club. Lucent spokesman John Skalko confirmed Monday that his company made a profit on the sale, but would not discuss details. The club is located near the U.S. Equestrian Team headquarters in leafy Somerset County. Lucent management intended it to be a ritzy meeting place for a tight circle of executives from major corporations, with roughly 20 ponying up $1 million each for a corporate membership. But as strategic missteps, smarter competition and the sliding economy pulled down Lucent sales, some investors and analysts saw the country club as a poor investment. The board of directors last fall fired top executive Richard McGinn and brought back retired chairman and chief executive Henry Schacht, who subsequently decided to sell it. Lucent has since announced plans to eliminate as many as 39,000 jobs amid losses totaling almost $8 billion. Shares of Lucent fell 3 cents to close at $6.98 on the New York Stock Exchange (news - web sites).