New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 16-2

When real estate is sold for the payment or satisfaction of mortgages authorized or directed by the superior court to be given upon real estate of infants, mental incompetents or other persons under disability, the officer or person authorized to make the sale may make the sale at private sale in his discretion and on such terms as he may deem to be most advantageous to the parties concerned therein. No such sale at private sale shall be valid until confirmed by the superior court upon a report of the terms thereof by the officer or person making sale.