After just a single bid at a foreclosure auction yesterday inside the Colonial Inn in Edgartown, Jack McConnell and Tom McConnell won ownership of the hotel, condominium and retail complex overlooking the harbor on North Water street. Their bid was $2,050,000; there were no other bids.
The McConnells were part of a larger group that previously owned the complex. They acted as an entity called Martha’s Vineyard Colonial Inn LLC.
The previous ownership group had pitched time-share units in the price range from $90,000 to about $285,000, but the project failed.
Jon Duffy, spokesman for the new owners of the Colonial Inn, called the result good news. “The new ownership group knows the property and is committed to the property and it will be business as usual,” he said, noting that all contracts with retailers (which include Eisenhauer Gallery and Chesca’s restaurant) and with time-share owners would be observed. He declined further comment until the closing, which he anticipated would be in mid-December.
The foreclosure was on a second mortgage held by the Dukes County Savings Bank. Bank president Christopher Wells said the bank is never pleased about foreclosure, but the result was “positive for the bank and, we hope, positive for the winning bidders.”