Prosser Property on St. Croix Put Up for Sale

The St. Thomas Source is reporting the following:

"Oct. 12, 2007 -- The sale of a million-dollar piece of St. Croix property belonging indirectly to Jeffrey Prosser, former owner of Innovative Telephone, has been proposed to the U.S. Bankruptcy Court.

The proposal was submitted by Stan Springel, the court-appointed trustee charged with raising funds to meet the debts of Prosser's companies. The property is identified in the court filings as Plot 143 Estate Anna's Hope, East End Quarter, St. Croix. It is to be sold "as is."

Springel has set a price for the property, $1.15 million, and has selected a real-estate agent, Farchette and Hanley of Christiansted -- both subject to court approval. The real-estate agent's fee would be five percent, which Springel noted was less than the six percent often charged. "