NO TAKERS FOR TAINTED PROPERTIES

ls-texaco-060710The former Hunter’s Texaco station and the onetime home of the Wicker Rose, in background, failed to attract any bids at a bankruptcy auction Tuesday. (Click to enlarge)

Three Little Silver properties put up for auction as part of the wind-down of the massive Solomon Dwek bank fraud case failed to attract a single bid Tuesday.

The adjoining properties — a former Texaco station, the former home of the Wicker Rose furniture store and a small house, all at the juncture of Willow Drive and Sycamore Avenue — have significant underground contamination issues resulting from fuel leakage from the filling station and other sources.

The absence of bids was “not exactly what we were looking for,” said Ray Smith, of Stafford Smith Realty, which managed the auction on behalf of a court-appointed bankruptcy trustee. “But in light of the environmental conditions there, it’s not a big surprise.”

Minimum bids were set at $1.2 million for the store building, at 1 Sycamore Avenue; $190,000 for the filling station, at 333 Willow Drive; and $190,000 for the house, at 321 Willow, Smith said.

It’s now up to the Dwek trustee, Charles Stanziale, to either re-price the assets with lower opening bids or allow the bank that holds a lien on the properties to take possession of them, he said.