Foreclosure Sale Postponed Once Again; Mansion's Fate Remains Unknown
Initially scheduled for Friday afternoon, the $3.7 million mortgage sale has now been pushed back to January
For the third time in two months, the Blauvelt Mansion's mortgage sale has yet again been postponed. The $3.7 million foreclosure sale was initially scheduled for this afternoon, but according to the Bergen County Sheriff's Office Foreclosure Sale Listings, the auction has now been rescheduled for January 4.
The historic mansion's $1.9 million mortgage was initially scheduled for Nov. 9 but was then delayed one week to include a smaller $700,000 mortgage. But both sales were again pushed back to December by Sheriff Michael Saudino following the aftermath of Hurricane Sandy. Following that announcement, the $1.9 million mortgage was increased to approximately $3.7 million following a recent assessment of the 4-acre property.
Friday's scheduled sale included the $3.7 million and $700,000 mortgages which were adjourned to January by Blavelt Associates LLC per Valley National Bank and Jeffrey Wells respectively.
The larger of the two mortgages is owned by Valley National Bank, while the other is held by First Choice Bank.
CareOne had purchased the property in January 2011 and would most likely take control of the 4-acre property once the mortgage sale takes place. Both sales had been tied up in litigation for the past few years as the property went into foreclosure in 2010.
In the past, former owner Wells and CareOne had twice been rejected by the borough Zoning Board of Adjustment to construct an assisted living facility on the front lawn. Wells later took CareOne to court after the company reneged on a prior agreement to continue making $15,000 a month in mortgage payments.
When the Wells family left the Mansion in the spring of 2011, the property was carrying a mortgage of roughly $2.5 million and had been placed in foreclosure the prior year.
The Blauvelt Mansion was built in 1896 for Kimball Chase Atwood and was later sold to Hiram Blauvelt. In 1979, the Wells family purchased the mansion and resided there until 2011. That same year the Mansion was named one of the 10 Most Endangered Historic Sites in New Jersey.