One of the nation’s oldest amusement parks may be reborn.
Clementon Park and Splash World in Clementon has been closed since the end of the 2019 season, but its new owners said they plan to reopen the park “later this year” after a successful bid for all of its assets at auction.
Founded in 1907, Clementon Park and Splash World is one of the nation’s first “trolley parks.” It was built at the end of a trolley line to encourage ridership during the weekends and to provide amusements for residents of nearby Philadelphia.
Founded by Theodore Gibbs and his two sons, it was family-run until 2011, when it was purchased by investment group Premier Parks, who then renamed it Clementon Park and Splash World in recognition of the addition of the water park. The park has been closed since September 2019.
Capital Recovery Group, based in Enfield, Connecticut, was hired by the receiver, Howard Samuels of Rally Capital Advisors, to conduct an auction of Clementon Amusement Park including the real estate, rides and the liquor license, which were offered in its entirety and piecemeal. CRG catalogued and appraised the assets and solicited bidders for the park as a whole or the individual assets.
The auction was held March 23 and started with a bid for the entire property. That bid was held until all of the individual elements were put up for auction. Since the total of the individual bids did not exceed the amount bid for the entirety, the auction reverted to the initial bidder for $2,370,000 plus a 10% buyer’s premium, for a total of $2,607,000.
“We’re pleased with this outcome and happy to have played a role in giving this park new life,” Firestone said.
Capital Recovery Group is a global private equity firm that creates liquidity for its clients through expertise, innovative solutions, and access to worldwide markets.