Boston Hill property auction blocked – Owners file for Chapter 11
Owners of the 118-acre Boston Hill property have filed for bankruptcy protection in federal court, blocking a creditor’s attempt to sell the land at auction.
In December, Boston Hill Realty Trust filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court, Boston. Its trustee, Charles T. Sanderson III of Kingston, told the court the company has $2.5 million in debts and about 25 creditors. The bankruptcy filing came one day before a foreclosure auction scheduled by Gemstone Investment Co. of Worcester.
The property was in foreclosure last year, and had been scheduled for auction two previous times, only to have the auction canceled at the last minute. The bankruptcy filing halts the foreclosure proceedings and the auction until Judge Joan N. Feeney can rule on the company’s claims.
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