Mystic – Walter “Sonny” Glaser Jr., the Greenwich entrepreneur and part-time Mystic resident who invested $11.5 million in downtown retail space nearly three years ago, is the potential buyer of the Spicer Mansion, the boutique hotel whose owners avoided a foreclosure sale last week.
Glaser, owner of the Steamboat Inn and the Steamboat Wharf condominium complex, is the principal member and director of Spicer Mansion of Mystic LLC, which was formed last Thursday, according to a listing by the Secretary of State’s Business Division.
The commercial address of the new entity is 73 Steamboat Wharf, the address of the Steamboat Inn.
A court filing in Chelsea Groton Bank’s foreclosure action against Gates Realty, the current owner of the Spicer Mansion, says that on the same day of listing, Spicer Mansion of Mystic negotiated the postponement of the foreclosure sale, originally scheduled for last Saturday, through March 12. .
The bank, which sued Gates Realty in 2019 alleging it defaulted on a nearly $1.8 million mortgage approved in 2015, provided a “limited consent” to postpone the sale.
Chelsea Groton agreed to the deferral “in return for a largely non-refundable deposit of $100,000 associated with a potential purchase in the amount of $3.825 million and a closing to occur no later than March 1, 2022 “.
The bank did so, she said, on the understanding that the terms of a stipulated settlement reached between the parties in November “remain in full force and effect, including the defendants’ waiver of any opportunity to move or to vary the terms of the judgment without the express written consent of the plaintiff, together with the stipulation of the defendants to stay the immediate bankruptcy in the event of a bankruptcy filing.
In its filing requesting the postponement of the foreclosure sale, Gates Realty said it plans to formalize a purchase and sale agreement “next week.” In an interview, Brian Gates, director of Gates Realty, described the potential buyers as “local and experienced hotel operators”.
Neither Gates nor attorneys for Gates Realty or Chelsea Groton responded to messages Thursday seeking comment on the status of their efforts to reach a final agreement.
Glaser, whose 2019 purchase of downtown Mystic properties once owned by John McGee, Wes Maxwell and Paul Connor included the Gilbert and Maxwelton buildings, had operated an elevator parts company, GAL Manufacturing Corp., which was sold in 2017. The properties he purchased represented about a quarter of Mystic’s commercial real estate inventory.
Having summered at Mystic as a child, he said at the time of purchase that he returned “because of the deep emotional connection I have with the place”.
An affidavit filed Thursday in New London Superior Court shows that the court-appointed solicitor handling the sale, Aimee Siefert of Brown Jacobson, contacted Glaser and at least three other potential bidders for the Spicer Mansion in the weeks and the days preceding the scheduled auction.