A foreclosure auction scheduled for developer Corey Kupersmith’s property in the Southern Woodlands in Oak Bluffs has been postponed. Originally set for Thursday morning, the auction is now scheduled for July 26 at 11 a.m. according to the Web site for JJ Manning Auctioneers.

The auction is planned for 20 of the 26 buildable lots that make up South Wood Farms, a planned equestrian-themed luxury subdivision. In 2006 a real estate development company owned by Mr. Kupersmith took out a $4 million mortgage and a $7 million line of credit from People’s Bank to develop the subdivision. The line of credit was later reduced to $3.5 million and People’s Bank is seeking to foreclose on its loans, although it is not clear how much money is still owed.

Mr. Kupersmith is currently listed online as the president of a sniper rifle company in Georgia.