Creditor Expects Sale By August’s End
COOPERSTOWN – Sixty people – contractors, bankers, realtors and would-be owners of property on Otsego Lake – gathered in the lobby of the Otsego County Office building at 10 this morning, only to be disappointed again.
After a 15-minute wait, it was announced that the foreclosure on former rapper Peter Nash’s 1.17-acre lot, home and 200 feet of lakefront at Pegg’s Bay was delayed by a court order.
Robert Fraser, who identified himself as one of three mortgage holders on the property, then addressed the gathering. He said county Court Judge Brian Burns had issued an order Wednesday on behalf of Nash’s wife, Roxanne.
The case now goes back to U.S Bankruptcy Court for the Northern District, Fraser said, and he anticipates another order within a week scheduling another foreclosure sale, by the end of August, he hopes.
“I want this sold; I’ve been waiting for years,” said Fraser, a broker/sales associate with Terrie O’Connor Realtors in Saddle River, N.J.
Nash, whose stage name was Prime Minister Pete Nice when he performed from 1989 to 1982 with the Third Bass rap group, is credited with being the first white rapper to produce a hit, “Pop Goes the Weasel.”
When the band’s popularity passed, Nash, a baseball research buff since boyhood, moved to Cooperstown and bought the Pegg’s Point property for $435,000 in 1993. He invested in the Heroes of Baseball Wax Museum and also Cooperstown Dreams Park, before leaving the area in 2006. He is reportedly residing in Gansevoort, Saratoga County.