AUBURN â A bankruptcy filing this week blocked a sheriffâs sale of the Heron Lake property south of Auburn.
Heron Development filed for Chapter 11 bankruptcy Wednesday afternoon in U.S. Bankruptcy Court for the Northern District of Indiana.
A document signed by Heron Development managing member Stephen Brown said the filing is âfor the purpose of restricting the companyâs finances and stop the Sheriffâs sale scheduled for April 22, 2021.â
In December 2020, a DeKalb County judge ordered that the 300-acre housing development south of Auburn should be sold in a sheriffâs sale Thursday.
DeKalb County court documents show that the developers owe $5 million to Marquee Investments LLC of Fort Wayne. Marquee Investments would have been able use that sum to bid on the property, according to court documents.