Foreclosure Sale of Strawberry Park Set

Numerous buyers and investors who have been eyeing the popular Strawberry Park Resort Campground in Preston, Connecticut, could look forward to February 2011. This is because a possible foreclosure auction sale of the property is set on February 26. People privy to the issue asserts that it is very likely that the foreclosure sale would proceed.

Strawberry Park was foreclosed after its owner, Hyman Biber, has failed to repay a $3.4 million loan provided by Preston Strawberry Associates of Norwalk, which is represented by lawyer Mark Stern. Mr. Biber and creditors agreed in a federal bankruptcy court to a December 20 deadline for the businessman to fight or postpone the scheduled foreclosure sale.

Mr. Biber’s lawyer, Carl Gulliver, said his client would fight to keep the ownership of the popular campground. Mr. Stern countered the statement by saying that Mr. Biber could not possibly halt the scheduled foreclosure sale without a ‘white knight’ that should come to his rescue soon.

Mr. Stern said the court agreement was his team’s effort to make sure that Mr. Biber would not be able to delay the scheduled foreclosure auction even through his last-minute bankruptcy filings. He added that Mr. Biber should immediately file for a Chapter 11 proceeding before December 20, which he assured is impossible. On the said date, the case would be converted to a Chapter 7 bankruptcy filing, which disallows reorganization.

Strawberry Park comprises of a 160-acre land nestled right in the heart of southeastern Connecticut. It is near Mystic Seaport and Mohegan Sun Casinos. The campground has always been among the most popular camping destinations in the state. As a resort campground, Strawberry Park has received high ratings from different review bodies.

The property was already involved in legal controversies in the past. A court recently ruled to an $8 million case involving Mr. Biber and TD Bank, which won the battle. Consequently, the court appointed a manager to the campground.

Currently, Strawberry Park is being run and managed by Florida-based Elite Resorts. Mr. Stern is confident that the scheduled foreclosure sale would proceed. He said, by then, the controversial and popular resort campground would hopefully have a new owner. Observers note that many potential buyers and investors are waiting for the auction, so they could seize the opportunity to finally own the property.

For more news and information about foreclosures, visit ForeclosureConnections.com.