Future Of La Renaissance Still Uncertain After Auction

by Categorized: Foreclosure Sales Date:

A foreclosure auction this past weekend didn’t do much to clear up what will become of La Renaissance Banquet & Conference Center facility in East Windsor.

An auction of the La Renaissance banquet drew one bid: the bank that is foreclosing on the property. Photo by Garret Alison/FoxCT

An auction of the La Renaissance banquet drew one bid: the bank that is foreclosing on the property. Photo by Garret Alison/FoxCT

The one and only bidder was People’s United Bank, the bank that is foreclosing on the property. The bank bid about $1.7 million, according to Gus Constantine, the Glastonbury lawyer who oversaw the auction.

Constantine said the bank was forced to bid because the courts had ordered a foreclosure by sale for the now-closed banquet venue at 53-59 Prospect Hill Road.

It is now likely the bank will market and sell the property, Constantine said.

A People’s United spokeswoman did not immediately return a telephone calls this morning.

The current owners, Dharamshi LLC, had tried to sell the property in the months before Saturday’s auction but was unsuccessful.

Dharamshi paid $5.1 million for the banquet hall on eight acres in 2007. According to court documents, it fell into foreclosure in 2012. The venue closed earlier this year.

The most recent asking price for the property was $3.97 million. An appraisal last fall by People’s United pegged the value at $3.3 million.

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