Rose Commercial Real Estate on Tuesday said it recently negotiated the land sale of Holly Ravine Farm in Cherry Hill to the township for $3.859 million.
The land will be preserved as open space. Cherry Hill is applying for grants from state and county open space preservation programs to help fund the purchase.
Located at 350 E. Evesham Road, the 26-acre estate had been owned by the Gilmour family since 1921. The estate was represented by Rose Commercial Real Estate Director of Business Development Jeff Lucas and his team.
The property is part of the former home of the Cowtail Bar — a landmark to many residents of Cherry Hill and across South Jersey — and was nearly sold to an out-of-state developer with plans for a senior living facility.
After the proposal sparked an outcry from members of the public hoping to preserve the farm, Lucas worked hand-in-hand with former Cherry Hill Township Council President and current Mayor, David Fleisher, to obtain approval for the land purchase and to preserve the historic site.
The property is located at the corner of Evesham and Springdale roads.