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Dealership site in foreclosure

Thu, Aug 27th 2009 12:00 am
By JAMES FINK
Business First

The next sale that takes place on the site of the former Jim Doyle Ford dealership may be a transaction for the property itself.

The former Delaware Avenue auto dealership, which closed in 2007 after it was sold back to the Ford Motor Co. as part of a nationwide dealer consolidation, is due to be auctioned off Sept. 24 in Erie County Hall's foreclosure alcove. The auction is set for noon.

The auction has been brought by M&T Real Estate Trust, according to the court-appointed referee, attorney Peter Weinmann.

Court papers indicate that the Doyle dealership owes M&T Real Estate $1,093,442 - mostly from two outstanding mortgages dating back to 1990 and 1999. Doyle Ford took out an $880,000 mortgage in 1990 and an $800,000 mortgage in 1999. Documents indicate that $918,000 is owed on the 1990 loan and $148,000 on the 1999 mortgage.

A third mortgage for $850,000 that was taken out in 2001 was paid off. "It is not part of the legal action," Weinmann said.

The 33,890-square-foot building dates to 1952, with an addition that was constructed in 1985. The Town of Tonawanda property is located on 1.63 acres of land at the intersection of Delaware Avenue and Tulane Road.

James Doyle II, who ran the dealership, has since moved to Florida, Weinmann said.