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!