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Former Horn Nursing Home up for auction
The Daily Record - 1/4/2019
WOOSTER — A total of 10 parcels — including the former Horn Nursing Home — will go up for auction on Thursday, Jan. 31, at 11 a.m.
The auction, which is being overseen by Canfield-based auctioneer Ron Roman, will be held at the former nursing home site at 230 N. Market St. and will be split into two separate sales. The first sale of eight parcels includes the nursing home building as well, as parking lots to the south and west and lots and an adjacent building on North Walnut Street that at one time housed the J. Michael & Associates insurance office. One other parcel, which fronts on West Larwill Street, is also accessible via a north-south alley that connects Larwill and North streets.
The second sale includes a duplex at the northwest corner of Walnut and West Larwill and an adjacent vacant lot to its west.
The court-ordered sale comes in response to owner Ryan Sheridan’s default on mortgage payments to Huntington Bank, which financed the 2017 sale for $1.75 million from Sprenger Wayne Ltd. to Sheridan’s Sheridan Property Group.
Sheridan, who is under a multi-agency investigation into allegations of Medicare fraud, conspiracy to commit Medicare fraud, and money laundering, had proposed making the former Horn facility into his third Braking Point Recovery Center. He unsuccessfully sought a tax abatement incentive to develop the detox center, then forged ahead without it until October of 2017, when the two other Braking Point facilities — in Youngstown and outside Columbus — were raided by the FBI and their employees laid off.
When the foreclosure action was filed in Wayne County Common Please Court last July, the bank claimed Sheridan owed $1.6 million on the principal, plus interest, fees, late charges and penalties. All 10 parcels have been listed for sale for $1.9 million with Youngstown-area Realtor Rollin Gosney for the past several months.
As part of the court auction, local appraisers Jack Gant, Steve Frontz and Cheryl Collins were called in by Wayne County Sheriff Travis Hutchison to complete property appraisals. The trio set the value of the eight parcels in the auction’s first sale at $970,000, and the value of the duplex and vacant lot to be auctioned in the second sale at $150,000.
According to information provided by the auctioneer, the minimum opening bid for the eight-parcel group will be $646,667, with a buyer’s premium of 5 percent of the first $700,000 and 3 percent for any amount over that. The second sale mandates a minimum opening bid of $100,000, plus a 5 percent buyer’s premium to the final sale price.
All sales are subject to the approval of the court.
Reporter Tami Mosser can be reached at 330-287-1655 or firstname.lastname@example.org.
CREDIT: TAMI MOSSER