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By TOM WEIR Staff Writer MONTICELLO -- The bankrupt Emerald Green second-home develop ment in Rock Hill is to be auctioned off at a foreclosure sale here Oct. 1, just two years after the mortgage holder moved to take over the proj ect According to the notice of sale, the massive development has been di vided into 32 parcels that will be auctioned off one at a time. Willard Schop, a Monticello attorney who is referee in the sale, said it will begin at 11 a.m. at the Sullivan County courthouse and predicted, ‘we'll proba bly be there quite awhile.” Twenty-nine of the parcels include subdivisions containing anywhere from two to 106 building lots; two are undivided and one includes the sewer plant, all sewer lines and rights of way. Schop said Universal Mortgage and Realty Trust of New York City, which owns the development, might be able to attract smaller buyers by dividing the property. In most foreclosure auctions, he said, the property is sold in one piece. If Emerald Green is sold as a single parcel, he said, any bidder would have to exceed Universal's investment in the property, which totals more than $5 million. Monroe Davis, a Monticello lawyer who represents Universal, couldn't be reached for comment Friday. In October 1974, Universal began foreclosure on a $4.1 million mort gage it granted to Leisure Time Developers (LTD), owner of Emerald Green. Since then both LTD and its parent company, Emerald Green Corp., have gone bankrupt. LTD will remain Emerald Green’s owner of record until after the sale but Universal has operated the development since 1974.
Newspaper Details
The Times Herald Record
Middletown, New York, US
Sat, Sep 11, 1976
Page 45
Full Page
Clipped by
Sullivan C.
NY, USA 22 Jun 2026
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