Country clubs and yacht clubs are finding this economy increasingly difficult to navigate. Newsday reports that the Knickerbocker Yacht Club, Long Island's second-oldest yacht club -- at 135 years old -- has shut down and is selling its prime Port Washington waterfront property.
The economy and membership decline doomed the club, which provided many generations with sailing and summer fun. Rising costs and decreasing membership fees meant that club was unable to create a budget that would pay the club's debts and provide sufficient funds for operating costs. The club's remaining 54 members will meet soon to discuss whether or not to continue as a club in name only to keep the tradition going. Membership was once as high as 280 in the 1980s. The club's property could worth between $4 million and $8 million. When it is sold, the debts will be paid and members will vote on what to do with any remaining funds.