New foreclosure auction for Prince Spaghetti

In my Week in Review article this past Sunday, I asked “What’s Up with Prince Spaghetti?”  Back on June 27, 2014, the Lowell Five Cents Savings Bank held a foreclosure auction of the Prince Spaghetti property in South Lowell.  The property owner, Prince Avenue Associates LLC, had granted the Lowell Five Cents Savings Bank a mortgage of $8 million on the property.  The high bidder at the auction was Sam Poulten, the owner of radio station WCAP who for some reason appeared at the auction in a US Army uniform.  A Lowell Sun story at the time quoted Poulten, who said he was bidding on behalf of someone else, as follows:

“This is a buyer who is really strong here in Lowell, somebody who is very connected to the city,” Poulten, also co-owner of WCAP in Lowell, said of the buyer. “There is great potential at this building.  “It will be something you won’t be mad about,” Poulten told an abutter of the property. “It will only look better.”

Lowell Sun photo of Sam Poulten at Prince auction (from story linked to above)


It didn’t take long to have my query answered: the Poulten bid has fallen through.  In today’s Lowell Sun there is a new notice of Mortgagee’s Sale of Real Estate announcing that the Lowell Five Cents Savings Bank will hold a (new) foreclosure auction on the property on October 15, 2014 at 11 am.  There’s no news story in the paper but here’s a link to the legal notice.  The future fate of Prince Spaghetti remains a mystery.

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