A house at 80 Further Lane in East Hampton is scheduled to be auctioned off on Wednesday, October 22, to resolve a $10.5 million debt.
The State Supreme Court determined in March that David and Gia Walsh owe more than $10.5 million to ES Ventures One LLC, which purchased the couple’s mortgage from the parent company of Patriot National Bank, which had consolidated $8.5 million worth of the property owners’ loans. That was in 2008—the backlogged courts are only now processing many of the foreclosures originating from that period, when many homeowners failed to make mortgage payments in the midst of a housing crisis.
The Walshes paid $2.7 million in 1999 for the property, an 8,000-square-foot house with a pool on 1.8 acres now worth an estimated $11 million. Notably, it sits next to another estate that reportedly broke a national record for residential sales: a single-family spread at 60, 62 and 64 Further Lane that reportedly sold for $147 million earlier this year without a broker, in turn leading to a lawsuit against both the sellers and the buyer.
Meanwhile, next week’s auction is scheduled to take place at 11 a.m. on the steps of East Hampton Town Hall. Daniel Murphy will be the referee.
on Oct 13, 2014