1 Ferris Drive, asking $498,000 (from $599,000, originally), reports a pending contract, “pending bank approval due to accrued penalties and interest”. A judgement of strict foreclosure entered in favor of the bank May 29, 2014, but what I find interesting is an earlier lawsuit (begun August, 2010) on behalf of the estate of the late owner, Carmela S. Hickey against the two sons (?) (nephews?), Anthony and Paul Daddona.
From what I can piece together from the various dockets, on August 20, 2010, Wilmot Harris Jr., Esq. (Ivey Barnum), as Trustee for the estate of the late Carmela S. Hickey, sued the two Daddona brothers and their limited partnership, Beach Crest LLC, as well as the mortgage lender, to set aside the conveyance of the property from Carmela Hickey to the Daddona’s LLC, Beach Crest, and to discharge a $417,000 mortgage owed to the mortgagee by Beach Crest.
On June 18, 2012, a settlement was reached with the title insurance company insuring the bank for $162,5000, a new loan was extended by People Bank in the amount of $293,000, and Carmela Hickey’s estate’s interest was quit-claimed to Beach Crest LLC , but the suit against the two brothers continued, perhaps in contemplation of further payments. It’s possible that Anthony Daddona made such a payment, because he was dropped from the law suit this year, while it continues against Paul.
So what happened here? We can speculate: On September 13, 2006, Anthony Daddona, as Trustee of the Mary Sassone Revocable trust, transferred her interest in One Ferris Drive to Depal LLC. We can guess that Mary Sassone and Carmella S. Hickey were related, probably sisters?
On October 23, 2006, a limited partnership owned by the Daddonas, Depal LTD, was registered with the Secretary of State (even though it already held Mary Sassone’s interest in the property).
Beach Crest Ltd, was registered with the state on July 20, 2007 and on August 10, 2007, Depal LTD quit claimed both Mary Sassone’s and Carmella Sassone Hickey’s in the property over to Beach Crest. On November 27, 2007, Beach Crest borrowed $417,000 from World Savings Bank, and the fun began.
None of which matters, but it’s something to do on muggy Monday afternoon.