Digest>Archives> January 1999

Foreclosure Stopped at Sheffield Island Light


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Sheffield Island Light, CT. has been saved from ...

In what could have made an exciting story for a movie or television show, the Norwalk Seaport Association stopped the foreclosure of the Sheffield Island Lighthouse, literally, at the last minute.

As the deadline approached, the Association presented a check for $191,458 from its fund-raising campaign to the National Loan Investors of Oklahoma City. But that wasn't enough to pay off the $391,000 due and already in foreclosure. National Loan Investors gave the Association a one week extension. If the balance of $200,000 wasn't paid, then they were going to seize the lighthouse.

That's when the First National Union National Bank of Norwalk, CT came through with a $200,000 bridge loan to save the lighthouse from falling into private ownership.

Again, this is only temporary. The $200,000 bridge loan needs to be paid. The Association currently only has $36,800 in its fund toward the $200,000 loan. The Association plans several fund-raising activities over the next several months, which they hope will raise the necessary money to pay off the $200,000.

The Association has been fighting for 10 years to keep the lighthouse out of private ownership. Once the loan is paid off, money will still be needed to restore the interior of the lighthouse.

If you would like to make a donation, make your check payable to: Sheffield Island Lighthouse Capital Campaign, and mail it to the Norwalk Seaport Association, 132 Water Street, South Norwalk, CT 06854.

This story appeared in the January 1999 edition of Lighthouse Digest Magazine. The print edition contains more stories than our internet edition, and each story generally contains more photographs - often many more - in the print edition. For subscription information about the print edition, click here.

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