11:15 a.m. update:
The sheriff’s sale of the Mad Anthony’s property is final at $460,000, by First State Bank of Middlebury, the only bidder on the property. The bank’s attorney, Bill Lavery, said the bank would now put the property up for sale.
GOSHEN — The opening bid on the foreclosed Mad Anthony’s property today was $460,000, by First State Bank in Middlebury. The former Mad Anthony’s is one of 49 foreclosed properties up for sale through the sheriff’s sale today.
The restaurant announced its closing to the public and employees with a sign on the door Jan. 27. It opened Dec. 18, 2008.
Elkhart Superior Court 2 Judge Stephen Bowers approved a motion for summary judgment and foreclosure note in the amount of $497,275.23 against owner Eric Brewer and Brewstra LLC at the end of July. The judgment also includes interest, costs and expenses incurred by the bank, so the total is more than $550,000.
If the bank recovers its money with the sale of the property, it will release the personal property to other creditors — the city of Elkhart and the federal government — to recoup its losses.
On June 5, 2008, the city of Elkhart gave Brewstra a $95,000 forgivable loan through its Downtown Development Fund. When the restaurant closed, a $57,000 balance remained, according to documents filed in court by City Attorney Amber Bressler.
The city’s Aurora Capital Development Fund loaned Brewstra an additional $50,000. The company stopped paying on that loan about a year ago, in October 2010. The remaining balance is not listed in the paperwork filed by the city in court, but its final repayment date is June 2013.
The U.S. Small Business Association loaned the business $300,000 from the Small Business Development Corp. in 2010.