Lender buys foreclosed Owings Mills site

October 19, 1991|By David Conn

A small wedding party, a loud furniture delivery man and a college sorority pledge with a painted face walked through yesterday's auction of one of the largest foreclosed properties in Baltimore County history. The only ones who didn't show up at the steps of the Baltimore County Courthouse were serious bidders.

After 10 minutes, and with no apparent bids from anyone except the lender, the Atlantic Auctions Inc.auctioneer closed the sale at $3.26 million for the 180 acres just west of the Owings Mills Town Center.

The buyer, as expected, was Pittsburgh-based Westinghouse Credit Corp., which had lent more than $14.5 million to a development team that planned to build town houses. Westinghouse initiated the foreclosure about a month ago.

Anyone looking to the auction as a barometer pointing to a better real estate climate in Baltimore County was disappointed. Several developersmilling about -- just to see whether anything happened, they said -- predicted that Westinghouse would seek a joint venture with a company seeking to develop part or all of the foreclosed property.

The first developer, Watts Road Land Limited Partnership, which was composed of NVR of McLean, Va., and Crown Development Corp. of Brooklandville, had planned to build the Villages of Lyonsfield Run on the site just north of Lyons Mill Road in Owings Mills.

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