Foreclosure sale nets $2.7 million for Edgartown house
The historic Captain Fisher house in Edgartown, formerly the Tuscany Inn, was sold at foreclosure last week. The winning bidder agreed to pay $2,710,000 for the property at 22 North Water Street. The identity of the winning bidder was not revealed, but it has become the subject of intense speculation among some folks on the Island. The building was most recently a private residence. The first floor of the building houses l'etoile, a restaurant and bar. The establishment, which leases the space, has remained open as the property went through foreclosure proceedings and will continue operating as a restaurant with no interruption, according to a restaurant staff member. Auctioneer Daniel Flynn described the foreclosure auction as something less than euphoric, though all parties were happy the property was sold.
"It started at a million," said auctioneer Daniel Flynn. "It went quickly to two, two-and-half, and topped out at $2.71 million."
According to town assessors' records, in 2004, Michael P. Phillips of North Reading bought the property for $3 million. At the same time, Mr. Phillips bought an adjacent parcel for $2 million.
The Bank of New England foreclosed the loan on the property.
Rainbow Farm set for sale to London couple
Property owned by David Douglas and known as Rainbow Farm, off South Road in Chilmark, is under agreement. Mr. Douglas told The Times a closing is scheduled for mid-July.
"We are still proceeding along," said Mr. Douglas in a telephone conversation Tuesday. "We do have a buyer for it."
In anticipation of the sale of the property, Mr. Douglas is closing Campbell and Douglas Harness and Feed, the tack shop located on the farm property. A liquidation sale began on May 22 and will continue until the inventory is sold he said.
The farm property consists of a five-acre parcel Mr. Douglas owns outright and an adjacent 99-acre field owned by The Trustees of Reservations, on which he holds a long-term lease.
Mr. Douglas said he will retain his lease rights over 35 acres. "I will do some farming with it," he said.
The buyers are Eric and Molly Glasgow. Mr. Douglas said Mr. Glasgow is from Swampscott, and Mrs. Glasgow is from Texas. Most recently the couple lived in London, where Mr. Glasgow worked in finance. "They would at some point hope to start a small dairy herd," said Mr. Douglas.
The Glasgows could not be reached for comment.