}

Saturday, March 5, 2016

SOLD! Steven Ingersoll Sells Another Bay City Property; Judge Orders Ingersoll To Use Proceeds To Pay His Bay City Property Taxes, Debts

On September 30, 2015, U. S. District Judge Thomas L. Ludington issued an order prohibiting Steven Ingersoll from disposing of his property without approval.

Yesterday, March 4, Ingersoll was granted approval to sell the structure, located at 1501 Center Avenue in Bay City and shown above in a photo taken by Miss Fortune last winter.

After purchasing the building on February 27, 2009 for a reported $15,000, Ingersoll embarked on what he described as a six-figure "historically correct" renovation that would convert the building into four "executive apartments". 


According to yesterday's court filing, the gutted building is set to be purchased by an as yet unidentified buyer for $45,000.

But here's the rub: Ludington ordered Ingersoll to use the proceeds to first pay the costs associated with the sale (closing costs, real estate commissions), then pay off the property taxes owed on the building ($6,516.26) before using 75 percent of the remaining balance to pay down his delinquent "termed out" Chemical Bank line of credit (shown at left) and the using the final 25 percent to pay the law firm of Bowerman, Bowden, Ford, Clulo & Luyt, P.C. for legal fees provided in connection with his case.

That's some Bay City renaissance!

7 comments:

  1. Thanks again, Miss Fortune, for keeping us in the know! Makes you really wonder who bought it. Afterall, it would have probably been scheduled for county tax sale in the summer. You wonder too, if it could still be used as a four-unit building as the structure has not been used as a multi-unit for a long time.

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    1. Wonder what Randy Kienbaum and Chemical Bank think of Ingersoll now?

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    2. Wonder how that $1.8 million dollar construction loan for the church-to-school conversion is going? What will be done when/if/or if Ingersoll already has gone delinquent on that loan? How much can they sell that old church/school for now? And let's not forget the Farragut School campus! Wow...the banks and taxpayers will continue to lose big time with this crook.

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    3. The USDA-backed (meaning all you taxpayers) loan pays the bank up to 80 percent of its losses in the event of a default by Steven Ingersoll's Madison Arts, LLC.

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  2. Do you know where it is possible to locate the next date for court proceedings - or to find out when the sentencing will actually happen?

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  3. Next step is a status conference on March 9 at 11:00am; as for the actual sentencing, hell if I know!

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    Replies
    1. I am starting to wonder if it will freeze over before he gets into a prison cell.

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