The third time’s the charm for the auction in the Preserve on the Bay Club in Mattapoisett, or is it?
One model home and 35 lots were originally scheduled to be auctioned on November 15, 2011 but at the very last minute the owner, Abbott Homes, filed bankruptcy which postponed the sale, first to January 18 and then again until March 7.
The property was originally bought by Abbott Homes from the Bay Club in 2007 for $2.45 million. Abbott then started development by subdividing the land into 36 lots, installing roads and utilities. A model home was built at 3 Fieldstone Drive, which was offered at the auction.
The 2,204 square foot model home, which has an assessed value of $535,200, was sold with a high bid of $395,000.
Originally the 35 remaining lots were slated to be sold individually at the November auction, but they were only offered as a package deal at the final auction. The highest bid from the floor for the package was $2.2 million, but the bank, which originally owned the property, opted to buy back the land for $2,304,000.
In the end, of the 20 bidders who were on hand, one bought a new house and the rest went home with only memories.
By Paul Lopes
