The Mountain Times

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Sabby's sells for $1

RUTLAND - The defunct Sabby's restaurant and bar is back in the hands of its past owners as of July 15: for the bidding price of $1 at a foreclosure auction.

For six years, Sabby's was owned by Tracy Taylor, director of operations at Pico, and Mike Solimano, the Killington Resort president and general manager. Taylor and Solimano sold the business to John and Katy French. However their company, S-T Holdings LLC, held the mortgage for the building at 31-32 Center Street, and included equipment and contents.

The asking price at the auction came to about $400,000. Rutland attorney Frank Urso handled the transaction.

"The only bidder was the entity which held the mortgage," Urso said. "They didn't have to come up with cash. So, when no one else bid, they were able to take the property over."

The auction was held mostly to meet legal requirements to allow S-T Holdings to take over.

"They'll either sell the restaurant or lease it," Urso projected.

Attempts to reach Taylor for comment were unsuccessful.

John and Katy French took over the restaurant in March 2011 after S-T Holdings sold it to them but also extended the mortgage, according to media reports. Sabby's closed last fall.

According to the Secretary of State's database, Solimano and Taylor are partners in several Vermont companies: the real estate firm TMG Associates in Killington; Champlain Discount Foods in Rutland; Discount Food of Rutland (a company which lists "any lawful purpose" under its description); the Williston Liquidation Center (Tracy Taylor, registered agent); and the Uplands Water Company, which does not involve Taylor.

Besides the companies run with Salimano, Taylor is the registered agent for JMT Sugarwood, LLC, and the agent for Buy Bulk, a grocery distributor in Bennington.