U.S. Marshal’s Sale of Estate Pastory Property Scheduled for March 13

FirstBank Puerto Rico publicized an action for debt and foreclosure of liens against Commonwealth Investments Corp. — naming president and CEO of the company Richard Singerle among others — in a legal notice in last week’s V.I. Daily News.

The notice, which ran on Wednesday, January 30, in the newspaper’s legal section, also named Caribbean Island Adventure, Inc., Karen Singerle, James Samuels, Lynda Collins, Egbert Hendrick Oskamp and Boopy Excavating, Inc. as defendants in the civil action.

Pursuant to a judgement on June 30, 2007, U.S. Marshals have seized and taken possession of parcel 5DA-1 Estate Pastory and 5DA Remainder, Estate Pastory, according to the notice.

The properties will be sold at a marshal’s sale at the Office of the U.S. Marshal in the Ron de Lugo Federal Building and U.S. Courthouse in St. Thomas, on Thursday, March 13, at 10 a.m.

Singerle, who owns the property under Pastory Gardens Mini-golf Course and Compass Rose Restaurant as well as the adjoining parcels which are currently used as a parking lot, declined to comment on the foreclosure action.

“I have lawsuits pending so I can’t make a comment right now,” Singerle said. “But we anticipate the situation will be resolved shortly.”

Singerle’s attorney A.J. Weiss filed a suit with V.I. District Court for breach of contract against Sirenusa owner Carlo Marzano and partner Christian Rosenburg in June 2007.

Marzano and Rosenburg signed a contract with Singerle to purchase the Estate Pastory property and then reneged on that contract, Singerle previously told the St. John Tradewinds.

In the lawsuit, Singerle is seeking $8.5 million, but the suit is pending and not expected to be decided any time soon.

In the meantime, the property owner owes FirstBank more than  $1 million. The two Estate Pastory parcels, however, have been valued at almost $8 million, Singerle told the St. John Tradewinds in September 2007.

“I’ll be damned if I am going to let $8 or $9 million go to auction because I owe the bank $1.5 million,” Singerle told the Tradewinds on September 21, 2007.