From the courthouse steps Friday an auctioneer settled a mortgage default on one of Somerset County’s most prestigious properties. The Pomfret Plantation, which includes 400 acres and an early 19th century mansion, was sold to Phil Ripley of Annapolis during a mortgage foreclosure sale.
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Mr. Ripley’s winning bid of $3.45 million does not include more than $185,000 in agriculture transfer taxes that are the responsibility of the buyer. He quickly left the courthouse after putting down the required deposit of $50,000. The terms of settlement state that the balance must be paid 20 days after final ratification of the sale by Somerset County Circuit Court.
The estate was sold in late December 2004 for $3.395 million by Steven and Helen Ignaccolo to Pomfret Plantation LLC, which defaulted on the mortgage held by the Ignaccolos. “I’m very happy with the price,” Mrs. Ignaccolo said after the sale, and attorney Chris Mason and auctioneer Joseph O’Neal were similarly pleased with the results.
Bounded by Coulbourn Creek and the Big Annemessex River in Marion, Pomfret was described by architectural historian Paul B. Touart as “one of the most significant sites in southern Somerset County.” In his 1990 book “Somerset, An Architectural History,” he said the circa 1820 house contains nearly complete Federal-style interior woodwork.
The original tract included 1,400 acres and was settled in the 1660s by William Coulbourne, and his descendants owned it until 1921.
According to Mr. Touart’s research, tax records from 1798 indicated at least one “old dwelling house” and other outbuildings were on the property at that time, but they are no longer standing. According to current tax records, the assessment on the largest tract of property is nearly $549,000.
Bidding started Friday at $500,000. The required reading of the property description at the opening of the sale by a representative of the trustee was purposely slow and deliberate because the trustee and auctioneer knew Mr. Ripley had been delayed at the Bay Bridge and was running late. He arrived at the sale as bidding was slowing down at $1.4 million. "
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