Saratoga Polo property facing foreclosure

PHOTOGRAPHER: Marc Schultz

Bloomfield takes on Congress Hill Farm in Saratoga Polo Association action at Whitney Polo Field on July 17.

Barely a month after the historic Saratoga Polo property was listed publicly as for sale, a local bank plans to foreclosure on the current owners.

First National Bank of Scotia filed foreclosure papers in the Saratoga County clerk’s office in Ballston Spa last week, saying it is owed nearly $500,000 in overdue mortgage payments.

The historic polo ground on Bloomfield Road, just outside Saratoga Springs, was put up for sale by the owners in June, with an asking price of $5.85 million.

James Rossi of Saratoga Springs, a partner in Green Fields Development, which owns the property, said the partners are in the process of negotiating a sale that will allow the mortgage to be settled.

“We think we will have it behind us very shortly,” he said Monday.

The partners had believed the deal would be settled before the bank’s balloon payment came due last month, but that didn’t happen.

“The timing was such that we were not able to finalize arrangements before the bank unfortunately decided to take this action,” Rossi said.

The 42.76-acre property, at the corner of Bloomfield and Denton roads, includes the Whitney Polo Field, which is used for polo matches in the summer. It is one of the older polo fields in the country.

The property was approved by the town of Greenfield in 2007 for a mixed-use development that would leave the polo field itself intact, but allow a conference center and resort to be built around it The project hasn’t moved forward since the town board approved the necessary zoning changes, after a three-year review.

The zoning approval allows for 284,000-square feet of building development, including about 90 residential units, a hotel, spa, restaurant and banquet facility. The cost estimate at the time of approval was $80 million.

A real estate listing says current owners Rossi and Michael Bucci would be open to a joint venture to develop the property, noting that it is within a five-minute drive of downtown Saratoga Springs.

Rossi, the managing partner, said the prospective purchaser would have the financial capability to pursue the development plans.

“The plan would be updated to current market conditions,” Rossi said. “The vision will be consistent with [the previous], and it’s built around keeping the polo attraction intact.”

Rossi and Bucci paid $1.2 million for the property in 2004. The First National Bank of Scotia made a $1 million loan in 2006, according to court paperwork, which was modified this past March, when $499,000 remained. That amount was due to be paid to the bank in full by June 15. The foreclosure lawsuit said the principle wasn’t paid, and also demands 12 percent interest per year interest and a 16 percent default charge.

The polo field was established in 1898, with frequent summer use until 1932, when play stopped. The polo facility was revived in 1979, shortly after a different occasion when the property changed hands.

The field has had continuous summer operation since then, with some of the top polo players in the world appearing during July and August.

The most recent games were played Sunday night.

Rossi said the bank’s action won’t affect the polo season.