Waterford - Private investors have purchased the former New London Country Club with the intention of keeping the Lamphere Road golf course a private country club under a new name.

Town residents David and Ann Mortimer closed on the $2.8 million sale on Thursday.

The all-cash sale came less than two months after Dime Bank, the property's mortgage holder, took over the golf course because it could not make its monthly mortgage payments.

The Mortimers plan to reopen the club this year with no initiation fees for new members and lower annual membership fees. Now rid of its debt, the course will be known as Great Neck Run Country Club and will continue to be run as a private country club.

"People should know that the club is financially stable, and we will be open for the 2012 season," David Mortimer said in a prepared statement.

"It is a great privilege to continue the traditions of this great property for its loyal members and for the enjoyment of the overall community," he added.

Mortimer, 51, who through his attorney Thursday declined further comment, previously co-owned Hughie's on Bank with Gary Traystman. Mortimer is a lifelong Waterford resident and a former member of the country club, is chief executive officer of Firth Rixon Ltd., which sells specialty metals and other products primarily to the aerospace industry.

Drzislav "Dado" Coric, Mortimer's attorney, said Thursday the club will charge roughly $3,000 for a single adult membership. There are plans to allow the general public access to the club's bar and restaurant, which will have a new direction, Coric said. The club also will be available for weddings and other events.

New London Country Club had been owned by its members since 1925, but a declining membership and $4.3 million in debt had put the 18-hole course in dire financial straits.

The club in 2003 made the decision to make more than $4 million in improvements to its clubhouse and irrigation system. It also added a new practice range and lengthened the course by about 200 yards.

The improvements were soon followed by the downturn in the economy, and membership started to decline. At one point, the club had as many as 380 members, but by last year, membership had dropped to about 200, club treasurer George Mitchell said. Members were asked to pay special assessments to keep the club in operation, which will not be the case under the new ownership, Coric said.

Dime Bank, under a deed in lieu of foreclosure, took over the course in December. It put Essex Golf Group in charge of managing the club and marketing it to potential buyers.

Mark J. O'Neill, president of Essex Golf Group, said Thursday that Mortimer and another potential buyer submitted serious offers on the course. Two others expressed interest in official letters to the group and a handful of others approached O'Neill.

The bank listed the course for $3.75 million and was hoping to get about $3 million, O'Neill said. The $2.8 million sale of the 149-acre course works out to about $18,800 per acre.

Club President Lou Camerota said Mortimer purchasing the club is a "win-win situation" for members.

"It's the best-case scenario that a local person who has roots here - not only in the local area but in New London Country Club - plans to continue to operate the course the way it has been operated in the past," Camerota said. "I think it's wonderful for the members. It's especially wonderful for the people with long-standing ties to New London Country Club."

Now a 6,448-yard Par 71 course known for its tricky and immaculate greens, New London Country Club was founded in 1925 as a nine-hole course on a parcel of farmland. In 1952, three more holes were added and then in 1956, six more completed the 18-hole layout.

Mitchell said it will be a process to build the membership back.

"It's not going to happen in one year. You have to build up a membership," Mitchell said. "He's going to need 300 members to make it work."

There will be a 2 p.m. meeting Feb. 11 at the club for current and interested members. Coric said he expects the course groundskeeper, head professional and restaurant leadership to be introduced at the meeting.

jeff.johnson@theday.com