$2.6 Million NJ "Cat House" Foreclosure Sale Voided; "Duped" Buyer To Get Back Deposit
The Bergen Record reports:
- "The restaurateur who bought a Saddle River [New Jersey] home just days before 150 cats were found to be living there in filth will be allowed to back out of the sale, a Superior Court judge ruled Friday. Michael Acciardi, 47, agreed to pay $2.6 million for the 20-room house on Burning Hollow Road at a sheriff's sale on Aug. 10. Four days later, authorities acting on a tip from a DHL courier rescued the first of the cats -- and six dogs -- that were found roaming the interior of the house, which was strewn with pet food and animal feces. [...] Presiding Chancery Court Judge Peter E. Doyne ... cit[ed] a report from a Union City claims adjuster that estimated the total repair bill at $2.25 million. Doyne approved Acciardi's petition to be relieved from his obligation to buy the house. Acciardi said the bank wanted to keep his security money of $420,000 for the $2.6 million sale. Instead, he said, it has to give him his money back within five days."
The quote of the day, from Michael Acciardi, "I'm pretty well versed at buying and selling homes ... but this was a case of total surprise and shock. It's somewhat of a lesson. Hopefully people can learn from the mistake that I've made."
No word on whether the mortgage lender will appeal the decision. For more, see Cat squalor voids sale of house.
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