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Bank bids $2.4M for Midtown Sundries in foreclosure sale

First Trust Bank in Charlotte put in a high bid of $2.4 million for Midtown Sundries bar and restaurant in Cornelius during a foreclosure sale Friday at the Mecklenburg County Courthouse.

The purchase is not yet final, as there’s a 10-day period following a foreclosure sale during which an upset bid can be filed.

The North Carolina Secretary of State’s website shows that Paul Steadman, manager of Fort Mill, S.C.-based Jorja Properties LLC, was the previous owner of the bar and restaurant at 18665 Harborside Drive.

Court records show Jorja Properties filed for Chapter 11 protection in April and that foreclosure proceedings were filed Sept. 30 in a Mecklenburg County court against Steadman and Jorja Properties. Court records also show Steadman has employed Richard B. Fennell at the Charlotte law firm James McElroy & Diehl to represent him in a lawsuit against First Trust Bank contesting the foreclosure.

Fennell could not be reached for comment.

Sam Boykin can be reached at sam.boykin@mecktimes.com.

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