The public sale of Gatti’s Pizza – previously slated for auction Monday morning – has been postponed for a second time.
Franklin Circuit Judge Phillip Shepherd ordered the 5.5 acres of the property to be sold after Fifth Third Bank, in Lexington, filed a complaint in March saying Richard Hayes, of Lark Enterprises Inc., owed the bank about $2.4 million.
The initial sale was scheduled for April 9, but Hayes and the bank attempted to work out an agreement, which failed.
Hayes, of Frankfort, says the sale will be rescheduled for sometime in July.
“But it won’t sell on the steps,” Hayes said about the property that contains the 15,300-square-foot-building constructed in 2009 to house Gatti’s Pizza.
Hayes has been advised the property is probably too expensive for an independent buyer – other than a bank – to purchase at public auction. The restaurant is still open.
“Many people think we are closed, and business has been down since this first hit the paper, but we are open and going strong,” Hayes told The State Journal Monday afternoon.
Construction for the restaurant began in 2009 at the site of the former sand and gravel quarry on Wilkinson Boulevard. The restaurant seats 485 and offers arcade games for entertainment.
Proceeds from the expected sale will be applied to the cost of the auction and to the debt, interests, costs, advances and attorney’s fees of Fifth Third Bank, according to court record.