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” ‚ĒÄ 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.