Historic Blauvelt Mansion Foreclosure Delayed

: Chris Lee Law Firm

  Filed under: Financial News

Built in 1897, the Blauvelt Mansion has been home to a few affluent residents of New Jersey over the years. Currently a cherished landmark of history, the property’s unresolved debt liabilities have placed it at risk of foreclosure for some time. However, a move by local authorities may be able to give this manor another chance after moving to delay the upcoming auction.

Saving History

This sprawling 25-room mansion is situated on a prominent four-acre plot in northeastern New Jersey. Having undergone several expensive renovations over its 115 year history, the current owners have already stepped in to protect this piece of history from demolition in the past. The property has been under watch of many hopeful eyes in recent years, one of which is CareOne LCC, who wish to build a luxury senior care facility on the property.

At some point, the original owners sold the property to CareOne and moved out, but it turns out that a separate outstanding mortgage of $700,000 is still owed on the property. Financial difficulties have forced the mansion in foreclosure since earlier this year and CareOne would have to buy both mortgages out of foreclosure to move forward.

The house was scheduled for auction last week at a whopping price tag of $4million. However, the Bergen County Sheriff’s Department has delayed the sale of the property until January of next year, in order to give time to detangle the mess of mortgages, liens and titles.

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