The foreclosure auction of a 43-acre plot of waterfront land in Westport that was scheduled for Thursday has been canceled because an involuntary bankruptcy petition has been filed against the land's corporate owner, according to the auctioneer.
Inner Harbor West LLC, a company affiliated with developer Patrick Turner, owes a construction firm and a land consulting company more than $200,000, according to the petition, filed last week by the consultant and builder.
The auction had to be canceled because of the petition, said Andrew L. Billig, a member of the auction house A.J. Billig and Co. The land's trustees will have to convince the bankruptcy judge that the sale should proceed, he said.
In November, lender Citigroup Global Markets Realty Corp. filed a foreclosure action against Inner Harbor West and another Turner-affiliated company, alleging they owed nearly $32 million on a 2007 loan.
The waterfront tract, where Turner planned to build a mixed-use development, was secured as collateral for the loan.
Several major developers have demonstrated interest in the land, Billig said.
Turner did not respond to a request for comment Monday.
Have a real estate news tip or experience to share? Email me at email@example.com.Copyright © 2015, CT Now