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Salander auction: No bids

MILLBROOK — A small group of neighbors, real estate brokers,and reporters, including someone from Bloomberg News, appeared to witness the auction of Lawrence Salander’s estate on Deep Hollow Road on Saturday, Sept. 25, at noon.

People toured the warren of rooms, looked at the acorn-littered tennis court and weedy baseball diamond and crossed the road to find the secluded cabin. But no bidders registered who wanted to begin the bidding at the price of  $2.99 million that the banks had demanded.

One person in the crowd said, “What about $700,000?�

Another bystander said, “This property has always been difficult to sell.�

Thomas Genova, the trustee and attorney handling Salander’s personal bankruptcy case, said he had hoped for three bidders.

The next step will be another conversation with the banks holding more than $3.5 million in first and second mortgages on the property. If they are unwilling to accept a lower minimum price, Genova will be forced to issue a Notice of Abandonment. The banks involved, First Republic and Wachovia, will then have to formally foreclose on the property, a process that may take as long as 18 months.

In the meantime, the banks will have to pay the $58,000 in taxes on the 66-acre estate located in the towns of Washington and Amenia, heat the buildings and maintain the property through two winters.

Lakeville Journal

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