We've seen the foreclosure market hit a wide variety of homes, now it's set to take out a one-time four-star restaurant in New Jersey. The Ryland Inn in Readington, New Jersey is famous for French cuisine and has been called one of the best restaurants in New Jersey. Unfortunately a renovation project gone bad, a downturn in the economy and other problems led financial trouble that caused the restaurant to be closed for the past year. Chef and owner Craig Shelton owes $3.9 million in loans to Valley National Bank. The inn and property which is assessed at $2.8 million is slated to be sold by the Hunterdon County Sheriff's office on June 25th unless a buyer comes forward before then. The foreclosure pertains to the real estate including the 200-year-old farmhouse but not the contents or the liquor license but some potential buyers are hoping to work out a deal and reopen the restaurant. The restaurant was opened around 1935 and been the site of many weddings and events including a fundraiser attended by President Ronald Reagan.
Reader Comments (Page 1 of 2)
5-22-2008 @ 1:21PM
dccv said...
Its too bad, this place looks like a great getaway spot. Nice and relaxing.
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5-26-2008 @ 5:35PM
Starlet said...
I used to live across the street from there and attended 2 weddings there. It was beautiful. I'd heard it was having problems, but this is very sad to hear. It's one of the last beautiful landmarks on Route 22 which just gets uglier and uglier as you get toward Clinton. I was there visiting from California last summer and I just couldn't believe how ugly the North side of Route 22 still was. I hope someone buys it to keep it as a restaurant, or at least a landmark - NOT tear it down and put up yet ANOTHER car dealership.
5-26-2008 @ 2:09PM
Curtis Upton said...
I just wish I had enough money to buy this olace because I have a degree in Food Service.
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5-26-2008 @ 2:19PM
Vinny said...
This is an absolute crime. When this restaurant was named best restaurant in New Jersey, they could have really said best in the country!! I've dined here NUMEROUS times and there was no place like it. The food, the ambiance, the wait staff, all were second to none. The grounds were a sight to see. This is only one of a few restaurants that I know of, that actually had it's own garden in the rear of the building. Every herb imaginable came from this garden. The freshness and taste are actually making my mouth water as I type. It is such a wonderful place that I asked my girlfriend to marry me at this restaurant. I sincerely hope they don't close for good. There are too many memories and too many more dinners to have there. Good luck to them and hopefully better news will be coming in the future.
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5-26-2008 @ 3:19PM
Harry Ashmore said...
The only crime here would seem to the foreclosure. Not the fact that it was a first class restaurant. What are the reasons behind the demise of this business. When you ate here, was Chef Shelton the owner. or was it under different ownership. Were they good at paying their bills.
Restaurants close all the time, that does not make it a crime, unfortunate, yes. But thats the way it goes.
5-26-2008 @ 2:53PM
ROBERT SEATON said...
HI FOLKS,
Travel this holiday, need to fill up the old gas tank.?
Gas is 91cents a gallon in Saudi Arabia,78 cents a gallon in Kuwait,
38 cents a gallon in Nigeria,in Egypt it is 65 cents a gallon,and our good
buddies in Venezuela pay 12 cents a gallon....HOW COME? could it be that
even dictators and despots,take better care of the people then the
Republicans,and the Democratics (at least gas wise)
WHEN ARE YOU GOING TO GET MAD ENOUGH TO DO SOMETHING
ABOUT IT.
HAVE A NICE DAY
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5-26-2008 @ 3:11PM
Harry Ashmore said...
In whose interest is it to foreclose on this property. What do the bank think they will get out of this. This business has encountered a set back, for what ever reason. So, prior to getting into the renovations, which went wrong, was the current owner neglectful in what ever payments needed to be made or in financial trouble. Surely something could be worked out to resolve this situation. We all know that one way or another the banks do NOT loose out no matter what. So unless this restaurant was in financial trouble to begin with, why not go with the existing owner and work with him, it keeps people employed. If the owner is well liked as a chef and is good at what he does, with the banks guidance and help all could be salvaged. it would be a win, win situation. Just a thought?
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5-26-2008 @ 3:17PM
BushRulesShrillaryDrools said...
I live by here, Ive eaten there, and drove past it recently! AND I didnt even know it closed! Geez, what a crime, not only is it a great restaurant, but an absolutely GORGEOUS site to behold! The surroundings alone are worth it! PLEASE, someone, save this area, and there are ALOT of famous rich people who live in nearby who could buy it and keep it open! This is in the Somerset-Hunterdon counties section of West Jersey, which is brimming with monied peoples,,so, lets save the Ryland!
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5-26-2008 @ 3:28PM
Crabby said...
Good riddance...
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5-26-2008 @ 4:31PM
Charile Johnson said...
Restaurants are going down becasue we can't afford to get to them ! And who do we blame ? NO, not the Republicans; who want to drill for oil here in the U.S., but these liberal Democrats, who think it's more prudent to save the the Sleepy Gullible than for us to survive as a nation !!!
We have more oil, natural gas & coal here than the Middle East but half of you fools still vote on the Democratic ticket ! How will you get to the polls on an empty tank this time ?
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6-04-2008 @ 9:57PM
Sue said...
My husband is a food salesman and you are so way out-of-line, the reason is that these owners just take the profits and spend spend spend and not on their restaurants but on themselves. My husband has had people that have owed his company thousands of dollars and drive around in Mercedes and have diamonds on every finger. There was one restaurant owner that was open for one month and had a great month, so he had to take a vacation after one month then he could'nt pay his bills because he spent all of his profits on his vacation. That is what he said. So, don't blame the democrats, blame the restaurant owners or management. Alot of them are crooks, I would say about 75% of them.
5-26-2008 @ 4:36PM
teltech54 said...
Like I said. 25 percent of all US business will fail by the end of this year. Check out other businesses in your area and keep tabs. You will notice that more and more mom and pop and even big box stores are going to start shuttering their doors. As money starts drying up so will the profits these places make.
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5-26-2008 @ 4:42PM
Dave said...
Jon Bon Jovi andBruce Springstein could handle the bill on this one.
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5-26-2008 @ 5:30PM
Mike said...
Come on who cares. Another joint that went down the drain. Will it really change your life? If so get one. Geeez!!!!
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5-26-2008 @ 6:06PM
Linda said...
Mike...who cares? Those people who find chain eateries distasteful for dining. Olive Garden, Chili's, Applebee's, etc. surely do not rank as places to be considered as acceptable locations to dine. Get a life, Mike.
5-26-2008 @ 5:53PM
deafy05 said...
Ouch! Talk about a bad resturant business when it comes to remodeling and taking away at the same time. I bet this owner must be pulling his/her hair out and getting overwhelm by this whole surreal experience.
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5-26-2008 @ 5:57PM
Bobby said...
Have none of you geniuses who are pulling for the restaurant noticed the loan to value of the property used as collateral? The article states that 3.9 million is owed on property assessed at only 2.8 million. The asshole owner of the restaurant has somehow persuaded some ex-banker to lend 140% of the secured value & decided to pull up stakes & leave the bank holding the bag. I'm normally not on the side of the bank but in this case whoever the owner is is part of the credit crisis we're currently experiencing here in our banking system. He screwed the pooch on this one & now the next honest poor slob that goes to apply for a loan will carry the burden of higher costs associated with the loss on this loan. Your sympathies should be directed toward the deserving, not this asshole in my opinion....
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5-26-2008 @ 7:33PM
Jimmy said...
It's not that a banker necessarily lended 140% of the value of the property, maybe they refi'd a year or 2 (or 3..or 4!!) ago before the market took a large poop!! Im an appraiser and unfortionatly this is way to common, people who owe way to much on a house that is not worth half the amount they owe. Its sad, don't know what can be done, but it is sad.
5-26-2008 @ 6:19PM
hew849 said...
I did not see anything about him getting a 140% loan and running out on it.
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5-26-2008 @ 6:32PM
Jim said...
Gee Charlie - King George has been in office for 8 years with a Republician controlled Congress and he hasn't done anything about oil except to make him and Prince Chaney richer.
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