Blackacre, the venerable property that found fame after its discovery by legal professionals in the mid-1800s, was sold Thursday at a steep discount in a foreclosure auction after a series of short-sale attempts proved unsuccessful.
In 2006, the height of the U.S. property boom, the previous owner of Blackacre, a man known only as “Allen,” refinanced the purchase of Blackacre to fund the acquisition of neighboring property Greenacre, which he conveyed to a woman known only as “Barbara.” Barbara took out a significant home equity loan in order to build a tennis court and swimming pool on Greenacre, which, upon her death, was claimed by her sole heir, known only as “Calvin.” Allen, an attorney who apparently has no last name, was laid off by a large law firm in 2008 and left unable to pay the mortgage on Blackacre, citing exorbitant law-school loans in addition to the Blackacre mortgage.
The purchaser of Blackacre is a woman listed in property records only as “Debby.” She has apparently already notified town officials of her intent to parcel the property to create a second lot that will be named “Brownacre” ─ a move that some residents say she has no right to do.
“Blackacre was first transferred to me in a fee simple defeasible, which is subject to a condition subsequent,” said ”Edward,” who identified himself as the son of Calvin, owner of Greenacre. The dispute threatens to engulf the town in even more controversy since severe cutbacks in local land-record maintenance operations.