A roughly 43-acre group of waterfront properties in Westport is slated to go to foreclosure auction Wednesday, opening up new possibilities for the land, once proposed for an ambitious development of homes, offices and shopping, with new ownership.
It is the third time an auction has been scheduled for one or more of the parcels, located on the Middle Branch of the Patapsco River and assembled by developer Patrick Turner starting in 2004 with an eye toward creating a second Inner Harbor. Turner used the property to secure a $30 million loan, which came due in 2010.
Bankruptcy suits staved off earlier foreclosures, but Judge Robert A. Gordon in November dismissed the case, saying he saw no evidence that finances would turn around.
Westport Property Investments LLC, which became the creditor this summer after buying the note on the loan from Citigroup Global Markets Realty Corp., filed foreclosure in December through a trustee.
Efforts to reach Turner were unsuccessful. Attorney Scott Foley of Shapiro Sher Guinot & Sandler, who filed the suit, did not respond to a request for comment. Eric A. Zoellner, identified in court filings as the asset manager for Westport Property Investments, could not be reached for comment.
The people behind Westport Property Investments have not come forward. During the bankruptcy, attorneys for the group objected to efforts to reveal their identities.
Alex Cooper Auctioneers Inc., which is handling the auction, declined to comment on interest in the parcels, but said the sale remains scheduled for the courthouse steps. Prospective buyers must make a $1 million deposit and pay the full price within 10 days of the sale's ratification, according to the terms of the auction.