ORADELL -- Initially suspended two weeks following Hurricane Sandy's aftermath, the Blauvelt Mansion's mortgage sale will now take place on Friday, 2pm in Hackensack as the two sales have been combined into one.
The sale, which is now for approximately $3.9 million, follows a recent assessment of the 4-acre property and combines the previous $1.9 million and sales which were scheduled for mid-November.
While bidding is open to any interested party, CareOne had purchased the property in January 2011 and is considered the most likely candidate to buy out the remaining mortgage amount.
On Dec. 7, CareOne would have to provide 20% of the $3,964,337.58 purchase price in the form of certified check or cash at the time of sale to be able to take ownership.
The mortgages sales were tied up in litigation as foreclosure proceedings had to wind their way through the courts before CareOne could take full possession of the lot.
In the past, former owner Jeffrey Wells and CareOne had twice been rejected by the borough Zoning Board of Adjustment to construct an assisted living facility on the front lawn. Wells later took CareOne to court after the company reneged on a prior agreement to continue making $15,000 a month in mortgage payments.
When the Wells family left the Mansion in the spring of 2011, the property was carrying a mortgage of roughly $2.5 million and had been placed in foreclosure the prior year.
The sale will take place at the Sheriff's Office, 10 Main Street in Hackensack.