Heritage Building Of Edith Wharton Slips Out Of The Foreclosure Net

April 29th, 2008

The heritage building of literary giant Edith Wharton has slipped out of the foreclosure net. Situated in Lenox, Massachusetts this 97 year old estate was the place where Pulitzer Prize winner Wharton wrote ‘House of Mirth’ and was inspired to go on to pen ‘Ethan Frome’. Today it is mirth and cheers because $800,000 has been raised to keep to the deadline and avoid foreclosure for the time being. This was disclosed by Susan Wissler who runs the property. She is optimistic but cautious that foreclosure has been forestalled but not stopped. The financial situation continues to be grave. The Wharton Preservation body tripped in making $30,000 payment to Berkshire Bank, Pittsfield. The unit has been mortgaged to the bank for $1.3 million. Furthermore a credit line of approximately 3.2 million has been taken on it. The story of debts continues with involvement with a private lender for the purchase of 2,600 books in 2005. $1 million is owed to another bank – Webster Bank.

The estate continues to owe banks $5.5 million. After having failed to make some payments the property was soon to be listed as one of the 1.5 million properties in the country facing foreclosure. It would have shut down a major tourist attraction, drawing crowds numbering about 30,000 each year. Wharton had a hand in the designing of the property towards the end of the last century. The board had spent about 13.5 million for restoration works since 2002. It including installation of new steel beams and replacing the entire electric, heating, security and sprinkler lay outs. The landscaping too was given a new facelift costing $2.5 million.

A campaign was kicked off to raise $3 million. A singe admirer agreed to come forward with the amount. $8,00,000 was collected with contributions from 1,300 well wishers – one being the former chief executive office of Walt Disney Co, Michael Eisner and his wife Jane. They subscribed $25,000 enabling The Mount to open to visitors for the summer season. Berkshire Bank agreed to extend the deadline till the end of May.

The estate is popularly known as The Mount and it acquired its national heritage status in 1971. It is a marbled stucco gabled white mansion in western Massachusetts. There is a barrel-vaulted hallway having delicately carved ceilings and fireplace with friezes. Restoration has been done manually. The building standing on a Italian style garden consists of three floors