The creditors of Chris Whittle’s former East Hampton estate are finally putting it up for sale.
After two unsuccessful attempts to auction off the 11-acre property, which includes the six-bedroom main house, the lender sold it to an undisclosed bidder on Monday for an undisclosed sum – but it’s certainly far from below auction price. Asking price: $95 million.
In early June, the foreclosure auction of the Avenues School co-founder’s former property at 90 and 100 Briar Patch Road was delayed after the appointed referee missed the auction and later said he was on his way from Florida to Long Island .
The auction, originally scheduled for June 28 with newly appointed referees, was again canceled after no one showed up at East Hampton City Hall to bid on the two troubled properties, known as the Briar Patch. Cancel.
Third time proves the allure of being a Hong Kong real estate investor Golden Eagle International Trade Get the winning bid.Senior mortgage holders pursue Whittle estate in federal foreclosure case submitted in september By the National Association of American Banks.
Bids are unlikely to be sufficient to pay off all debts associated with the property, but auction organizers appear to be satisfied with bids from qualified buyers.
“Given this, we do not expect to reschedule the auction,” said Robin Muir of Goodwin Procter, a lawyer for another creditor, Pure East Global Investments Limited.
The property, which sits on Georgeka Pond and has nearly a quarter-mile of waterfront, was used as collateral in 2013 when Whittle borrowed millions from Avenues: The World School. But he never paid off the loan after leaving the boulevard in 2015, dirt report.
The property was purchased by the school with a $700,000 credit bid in a 2021 foreclosure auction, the outlet said. The price was so low because Whittle owed Avenues more than $6 million in debt, and Whittle had to assume a mortgage on the property to finance his subsequent venture, Whittle School & Studios. Studios).
In fact, Whittle managed to secure two huge loans from Pure East: $25.4 million in 2017, and $25 million from Global Education Investments, a firm that raises funds for school startups.
Whittle, despite completing three years of school, star architect– A Briar Patch-designed renovation that added a 3,500-square-foot four-bedroom guest house with its own driveway has had a much lower success rate selling the property.
According to Dirt, he listed it in 2001 for $45 million, found no buyer, and listed it again in 2014 for $140 million and in 2020 for $95 million with the same result.
At the same time, loan interest pile up. The court ruled in Pure East’s favor in August, with former umpire Cornelius Rogers calculating that one loan was due at $40.1 million and another at $44.6 million.
Rogers added that the property should be sold to help pay the $84.75 million. However, despite Bespoke listings listing the two properties as five buildings, 10 bedrooms, immaculate grounds and ocean views, East Hampton township assessors valued the property at just $3,200, reports Behind the Hedges. Ten thousand U.S. dollars.
A representative for Whittle could not be reached for comment.