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Former Horn Nursing Home headed to auction block
The Daily Record - 11/26/2018
WOOSTER — The former Horn Nursing Home and nine parcels adjacent to the downtown building are headed for auction.
Wayne County Common Pleas Court Judge Corey Spitler has granted a motion from Huntington National Bank to appoint Canfield-based auctioneer Ronald Roman to conduct the auction of the facility at 230 North Market, along with other parcels on North Walnut, North Market and West Larwill streets, all of which Huntington is the creditor in a foreclosure action against owner Ryan Sheridan of the Sheridan Property Group.
No date for the auction has been set, pending an appraisal. It remains listed for sale through agent Rollin Gosney with Re/?Max Valley Real Estate in Youngstown for just under $1.9 million.
Roman, who did not return a call for comment on Friday, is part of George Roman Auctioneers Ltd. and has been an auctioneer since 1971.
The 72-bed facility closed in 2014 and was purchased from Sprenger Wayne Ltd. in 2017 by the Sheridan Property Group, whose owner, Ryan Sheridan, is under a multi-agency investigation into allegations of Medicare fraud, conspiracy to commit Medicare fraud and money laundering. He has yet to be charged or indicted by federal authorities
Sheridan proposed making the facility his third Braking Point Recovery Center — a detox clinic — even though his attempts to gain a tax abatement incentive through the city failed. But those plans apparently collapsed in October 2017, when his for-profit Braking Point operations in the Youngstown and Columbus areas were raided by the FBI and their employees were laid off.
Sheridan purchased the parcels for $1.75 million. At the time the foreclosure action was filed, the bank claimed that as of June 5, Sheridan owed $1.61 million on the principal, plus interest of $18,491, fees of $39,718, late charges of $538, a prepayment penalty of $48,382, plus 6.75 percent interest.
According to the proposal Roman submitted to the bank, the property will be sold as is, with a $10,000 non-refundable deposit due at the auction. That money will be applied to the selling price, which much be paid within 30 days. His commission is “five percent buyer premium on the first $700,000 and a three percent over this amount of the final sale price.”
The auctioneer’s company will schedule two public viewings of the property, in addition to any groups or individuals who want to schedule a private showing.
In many cases, the county sheriff handles foreclosure auctions, though the Ohio Revised Code allows the creditor to use a private selling officer.
Reporter Tami Mosser can be reached at 330-287-1655 or email@example.com.
CREDIT: TAMI MOSSER