Bankrupt New York Military Academy (NYMA), a 126-year-old preparatory school on the Hudson River that counts billionaire Donald Trump among its graduates, was sold yesterday after a bidding war between groups backed by two China-based investors, Reuters reported yesterday. The winning bid of $15.83 million came from the non-profit group Research Center on Natural Conservation, backed by a principal of China-based SouFun Holdings Ltd. They beat out California-based Global Preparatory Academies, which was funded by other Chinese investors, NYMA's lawyer Lewis Wrobel told Reuters. NYMA, located in Cornwall, New York, owed approximately $11.5 million to $12 million to creditors, principally local real estate firm Cornwall Improvement, Wrobel said.
