Business

Gamble Mill avoids sheriff’s sale, to be sold

The owners of the Gamble Mill in Bellefonte want to sell the building instead of allowing it to go to a sheriff’s sale.
The owners of the Gamble Mill in Bellefonte want to sell the building instead of allowing it to go to a sheriff’s sale. Centre Daily Times, file

The Gamble Mill is scheduled for a sheriff’s sale Thursday — but co-owner Dave Fonash said that will not happen.

Fonash wants to sell the building instead of allowing it to go to a sheriff’s sale. Kish Bank, he said, is on the same page.

“We have a buyer that we are working with that the bank feels comfortable with and that we also feel comfortable with,” he said. “We are working quickly to put something together in the very near future.”

Fonash declined to identify the interested buyer, although he said they are from out of town. He also did not want to discuss the buyer’s plans for the restaurant.

The restaurant faces foreclosure by Kish Bank, which placed liabilities against the mill’s owners at about $573,000 plus interest and fees, according to court documents.

Fonash and Gamble Mill co-owner Paul Kendeffy closed the eatery at the beginning of the year, updating patrons through Facebook posts saying they wanted to reopen after “slow January times.” Ultimately they decided to keep the doors shut.

“Like we said for another story earlier this year, we pursued different career opportunities,” Fonash said.

Neither intends to reopen the eatery.

The mill was listed by Kissinger, Bigatel and Brower Realtors at $1.3 million in November 2014, and the price on KBB’s website has dropped to $1 million.

Fonash said last year he would market the mill as a turnkey brewery pub with two different options. The first option would sell the business assets, the brewery and the restaurant and brew pub licenses. The second option would exclude the restaurant license.

The mill’s bottom two floors, about 5,900 square feet, are developed for the restaurant and brewery.

Fonash and Kendeffy sold Zola’s New World Bistro in January.

Shawn Annarelli: 814-235-3928, @Shawn_Annarelli

  Comments