Judge Halts Provincetown Timeshare Auction

PROVINCETOWN – Provincetown’s bid to buy a bankrupt former timeshare complex was put on hold Monday.

A federal bankruptcy judge in Boston halted the auction process due to procedural issues in the sale process. Provincetown is one of three parties interested in the property and was previously the high bidder in the initial phase of sealed bids at $8.1 million.

Earlier this month, voters approved $10.7 million dollars to try and buy the 26-unit complex. The town hopes to turn it into affordable workforce housing.

The judge asked all parties to not discuss Monday’s developments in court publicly, Provincetown selectmen Tom Donegan said. The two other bidders are private developers.

The Harbor Hill property went bankrupt last summer. Its value has been assessed at $6.8 million.

If ultimately successful in purchasing the property,the town plans to use the rental income to pay back the money borrowed to buy the complex.

About CapeCod.com NewsCenter

The award-winning CapeCod.com NewsCenter provides the Cape Cod community with a constant, credible source for local, regional, and national news. We are on the job seven days a week. You can also hear the CapeCod.com NewsCenter by tuning into Ocean 104.7 FM.