By Mike Stetzer
Just an hour before a sheriff's sale of his foreclosed mansion was set to begin, liquor distributor Christopher Tigiani filed for Chapter 11 bankruptcy. The filing immediately enacts an automatic stay, which prevents the foreclose sale of the property.
According to the Delaware News Journal, the seven-page document describes Tigiani's debts and assets as both being valued between $10 million and $50 million. The bankruptcy filing is the latest move by Tigiani to hold onto the house, which has fallen into disrepair and the purchase of which was a mistake by Tigiani's own admission.
He recently lost a bid in Delaware Chancery Court to hold off on the sale until a judge ruled on a claim related to a legal battle between him and his father over the family's liquor distribution business, N.K.S. Distributors Inc. The company was founded by James V. Tigani, Sr. in 1950, according to its website.
"If I had to take it back, I would not have bought it," Tigani said of the 23,937-square-foot mansion he'll temporarily hold on to thanks to his bankruptcy filing. "But the fact is I did buy it."