Bank decides not to auction land leased by WSTP
SALISBURY — Owners of WSTP were thrilled today when the bank that is foreclosing on property leased by the radio station pulled it off the auction block.
Mike Mangan and Tim Coates, who co-own the AM radio station, said they have no idea why NewBridge Bank decided not to sell 1105 Statesville Boulevard, where WSTP broadcasts.
A bank representative at the sale said she could not comment. The attorney for the substitute trustee, who oversees the foreclosure proceedings, said he was told a few hours before the auction not to offer the Statesville Boulevard property for sale.
Coates and his wife own the property, which WSTP leases. The radio station itself is not involved in the foreclosure.
Read more in Thursday’s Post.