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Bids in foreclosed property auction fall way short
Litchfield.bz (02-01-18)


An attempt to auction off a foreclosed property that has been a weight around Litchfield's neck for years ended without luck.
 
The Board of Selectmen will now try to sell a 78-acre property at 66 Donahue Road Extension through a real-estate agency.
 
Only two bids were received on the property the town was hoping to auction off to recoup more than $350,000 in back taxes, lien fees and interest, legal fees and other costs that have accrued since 2010.
 
One bid was $265,000, the other $176,000, according to Tax Collector Nancy Southard. Selectmen had set a mimimum bid of $395,000 and rejected the two lesser bids.
 
The town took possession of the property in June 2015, five years after foreclosure proceedings began. The property includes a five-bedroom, three-and-a-half bedroom house, began in 2010. The property is assessed at $469,220 for tax purposes and has an appraised value of $675,580, according to town land-use records.
 
Back taxes on the property total $224,586, making it the largest tax deliquent in town.