Living Trust Holds Foreclosure Auction for Rhode Island Restaurant

Jan 18, 2011 - LegalZoom News Sources
Living Trust Holds Foreclosure Auction for Rhode Island Restaurant

The living trust that owns a restaurant in Warren, Rhode Island, recently held a foreclosure auction on the property, reports

The Wharf Tavern is currently owned by the David Brayton Jr. Living Trust. The trust was founded in 2001 following the death of David Brayton, who had operated the restaurant for years. Brayton, who hailed from Little Compton, Rhode Island, was also a commercial fisherman and local philanthropist.

The foreclosure auction was held because Nusan Realty, the company that provided the mortgage on the restaurant, had run into financial problems. Members of the trust reportedly sought $1.5 million for the property, which is slightly more than the value that had been assessed by local authorities, but there were no successful bids, according to the source.

A town council meeting at which the owners of the Wharf Tavern planned to request a transfer of the restaurant's liquor license was thrown into doubt by the failure of the foreclosure auction, the source said.

According to a report on food review website Chowhound, the Wharf Tavern closed in December 2009.