Seaside developer facing foreclosure sale of his Avon home
Hartford – A judge has ordered a foreclosure sale of the Avon home of Mark Steiner, the state’s preferred developer for the state-owned property of the former Seaside Regional Center in Waterford.
At a hearing Tuesday, Hartford Superior Court Judge M. Nawaz Wahla set an auction date of Sept. 6 on the Avon property, according to the court clerk’s office.
Steiner will have until the auction either to sell his home himself or to pay off the loan to keep the property.
An appraiser recently valued the property at $775,000, according to court records. A May 21 affidavit of debt shows that Steiner owes lender Farmington Bank about $792,000, which includes a mortgage of $348,000, a nearly maxed out $300,000 home equity line of credit with the bank, and more than $40,000 in attorney’s fees.
Steiner’s former wife secured the mortgage and line of credit in 2009, and Steiner assumed her debt obligations in 2013, according to court records. The state Judicial Branch website shows that the Steiners’ marriage was dissolved in 2012.
After years of inactivity as the site’s preferred developer for the Seaside property, Steiner recently submitted proposals for changes to the zoning for the Waterford parcel. Steiner previously declined to identify what people or entities would provide financing for the purchase of the $8 million property and his proposed $100 million development of a “world-class resort.”
Seaside has been sitting vacant since the 1990s.