La Renaissance Owners Get Another Reprieve On Foreclosure Auction

by Categorized: Foreclosure Sales Date:

A foreclosure auction on the former La Renaissance Banquet & Conference Center has been pushed back for a third time to October, but a judge’s order indicates it could be the last such reprieve for the owners of the East Windsor property.

The owners of the La Renaissance Banquet & Conference Center  have won another delay in a foreclosure auction. Photo by Garret Alison/FoxCT

The owners of the La Renaissance Banquet & Conference Center have won another delay in a foreclosure auction. Photo by Garret Alison/FoxCT

The owner, Dharamschi LLC, has argued for extensions because it is negotiating with a potential buyer for the facility. The new auction date is Oct. 26.

Martin Levitz, a broker at Chozick Realty in Hartford, which has the La Renaissance listing, told me earlier this week that a potential buyer is conducting “due diligence” on the property. He declined to name the possible buyer.

According to the judge’s order filed in Superior Court in Hartford, “This is the final extension…No further extension requests will be permitted unless they are filed before Sept. 24, 2013 and heard on the Sept. 30, 2013 foreclosure calendar with the consent of all parties.”

It isn’t likely that People’s United Bank, which is pursuing the foreclosure, would agree to another extension. So far, the bank has objected to all the extensions.

Court documents show owner Dharamschi LLC paid $5.1 million for the property at 53-59 Prospect Hill Road in 2007. It fell into foreclosure in June 2012, the documents show.

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

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