Understanding Listing Patterns In The Long Beach Island New Jersey Real Estate MarketLong Beach Island NJ Real EstateThe LBI real estate market is rather unique in that there is a very definite
Surflight Theatre LBI Will Be Put Up For Auction In Toms River On Dec 18
Surflight Theatre will once again be on the auction block on Friday, Dec. 18.
The foreclosure auction is scheduled for 2 p.m. that day. It will take place in Room 19 of the Ocean County Courthouse, located at 101 Hooper Ave. in Toms River.
Once again, as in the case of the failed public auction (the winning bid wasn’t high enough) overseen by a since-departed bankruptcy trustee this past August, the auction will be conducted by a national company called Auction Advisors, which has its corporate office in New York City and a regional office in Montclair.
Once again, the auctioneers will be selling off the entire Surflight complex in Beach Haven instead of just the theater proper. The .61-acre site, located in the heart of Beach Haven with frontage on South Beach Avenue, Centre Street and Engleside Avenue, contains five buildings: the 450-seat theater, Show Place Ice Cream Parlour, a cast house fronting on Engleside Avenue, an administrative building fronting on Centre Street and a single-family house located between the theater and the cast house.
The property has been vacant since the Surflight Board of Trustees filed for bankruptcy last February.
The “winning bid” in the August auction, later rejected by John M. McDonnell, the Red Bank attorney assigned as trustee in the action by the U.S. Bankruptcy Court District of New Jersey, was $2 million. McDonnell determined that was not enough to satisfy Surflight’s creditors and filed a “Notice of Abandonment” later that month. —R.M.
Article Courtesy of TheSandpaper.net
Photo Courtesy of Jack Reynolds
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