The Fishers Banquet & Conference Center was sold at a sheriff’s sale Wednesday morning for just more than $1 million.
The buyer, who agreed to pay $1,010,000, declined to provide his name to IBJ, citing concerns that the sale hasn't closed yet.
The 13,265-square-foot banquet hall at 9775 North by Northeast Boulevard has a capacity of more than 400 people. The property, which includes 60 parking spaces, was last appraised at $1.2 million.
In November 2013, Cincinnati-based First Financial Bank filed a foreclosure lawsuit against Fishers Conference Center LLC, claiming it had defaulted on a $1.5 million mortgage. After a $1.3 million summary judgement was issued, the property was scheduled for a sheriff’s sale in July 2014.
However, Fishers Conference Center filed for bankruptcy the same day as the auction and prevented the property from being sold. At that time, owners told IBJ business at the conference center was booming.
Kincaid Realty Associates President Dan Kincaid, whose family owned the banquet hall, said it was a “technical” default on the loan related to a personal guarantee his father, Donald, made for the loan before he died in 2008.
When reached Tuesday, Kincaid said he was still trying to prevent the auction. He did not immediately respond to a request for comment Wednesday after the sale.
The Fishers Banquet & Conference Center opened in 2006. It’s just east of Interstate 69 and within walking distance of four hotels.