The Fall River, Massachusetts-based building owned by chef George Karousos is scheduled to be placed on REO property listing for sale. In a legal advertisement, mortgage holder, Sovereign Bank announced that the building will be on REO property listing for sale on June 30.
The repossessed property is owned by the Karousos Hospital Group Inc. The building was used by Karousos’ school, the International Institute of Culinary Arts Inc. It used to be also the office building of Karousos.
Located near the Abbey Grill and Great Hall, which has been placed on REO property listing twice but was canceled by Millennium bcpbank, the Karousos building has a listed selling price of $285,000 on October 31, 2001.
Sovereign Bank holds the mortgage for the building. Meanwhile, Millennium bcpbank holds the $1.6 million mortgage for Abbey Grill and Great Hall.
The circa 1900-building is a one-story property made of brick veneer. It is located on .15 acres of land and its assessed value is $326,300. According to records, Gil Peixto of Century 21 has placed the building on REO property listing for sale.
Interested buyers at the REO property listing public auction are required to make a $20,000 down payment and should pay the balance of the sale price within 45 days of the auction.
When an initial public auction was sought by Millennium for Abbey Grill, which used to be the site of the culinary school, Karousos and his team requested for postponement hearing with the Superior Court.
According to a clerk at the Superior Court, the hearing sought by Karousos was deferred several times, and eventually never held. The International Culinary Institute filed a bankruptcy which puts on hold any court actions.
On the other hand, Massachusetts experienced a significant drop in foreclosure filings in the first quarter of 2009. About 8,193 properties in the state received foreclosure filings during the period, representing a 9 percent decline from the last quarter of 2008 and 50 percent drop from the first quarter 2008 level.
In March, Massachusetts reported foreclosure filings in 2,672 properties, a decrease of 9 percent from the February’s REO property listing and 52 percent behind the total figures in March 2008.
Massachusetts ranks 21st among states with the highest number of homes receiving filings of foreclosures in the first three months of 2009.
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