}

Friday, April 20, 2018

"MAGNIFICENT", "FILLED WITH NATURAL LIGHT", "REMINISCENT OF KUBLA KHAN'S PLEASURE DOME": Three Things You Won't Read In LastBid Real Estate's Description Of Bay City Academy's Former Madison Arts Campus; A Steal At $25,000 Opening Bid (Calling Brian Lynch!)

The Bay City Academy, founded and foundered by convicted felon Steve Ingersoll, is circling the bowl—and you can buy its Madison Avenue steamer for a cool $25,000!

Listed Monday on LASTBIDrealestate.com, the property's auction is scheduled for May 2, 2018, closing at 2:00pm EDT.

Here's the description:

“Bank Owned 3 Story Former Church/Charter School ~ Online Real Estate Auction featuring a bank owned former charter school that was built in 1886. 

Situated on .88 acres, the approximately 23,885 sq. ft. building includes 14 large class rooms, two bathrooms per floor, six elevators to the basement and the two-story above-ground high open ceiling, sanctuary/theater/ auditorium. 

The building has beautiful craftsmanship and stained-glass windows as well as upgraded electrical and boiler systems. The heat and electric have been kept on and the building has ample parking across from Birney Park. 

Don't miss out on this unique opportunity.”



Here's what the description doesn't tell you: Steven and Deborah Ingersoll were officially notified on April 19, 2016 by Chemical Bank that they (along with the Steven Ingersoll-controlled entity Madison Arts, LLC) had “defaulted on the terms and conditions of the Mortgage entered into with Chemical Bank”.

Originally scheduled for August 5, 2016, the mortgage foreclosure sale finally occurred on August 26, 2016. 

There were no bidders, with the Sheriff's deed reverting to mortgage holder Chemical Bank. 

The Ingersolls walked away from their mortgage, leaving a nasty $1.8 million debt in their wake.

In addition, Steven Ingersoll shafted the taxpayer, with $1,441,600 of the loan guaranteed by the United States Department of Agriculture.

Originally listed back in September 2017 at $513,000, the Chemical Bank-owned Madison Arts later returned to the market with a new broker and a much lower price: $425,000.

You can buy it for $25,000...quick, call your broker!

2 comments:

  1. Thank you again, Miss Fortune, for informing the public about the auction and also the background of this building. And Steven Ingersoll continues to shaft the taxpayers, even when he is behind bars.

    ReplyDelete
  2. Today's the day - the online bidding to get a great deal! The building didn't go for the $525,000 and no one bought at $425,000.
    We'll see how much or how little today's buyer will pay.

    ReplyDelete