David Ryan's Saved from Foreclosure

has been saved at the eleventh hour. The popular Edgartown bar and restaurant and all of its belongings were Wednesday afternoon as part of ongoing foreclosure proceedings. The auction has since been canceled.

According to legal notices announcing the foreclosure auction, at issue was a mortgage on the real estate given by Territory Properties II, LLC, in 2005 to what was at the time known as Dukes County Savings Bank. Martha's Vineyard Savings Bank became the mortgage holder following its merger with the Dukes County bank in 2007.

David Ryan’s remained open for business throughout the foreclosure process. The two-level restaurant located steps from Edgartown's Main Street has been owned by husband and wife Richelle (Shelly) and Robert O'Neil since 2005.

The O’Neils declined to comment on the foreclosure proceedings, but on March 11 the restaurant publicly announced on its Facebook page that a resolution would be reached.  “The restaurant will not be going to auction so don't you all worry,” the page read. Four days later, the auction was called off with only hours to spare.

“We always continue to work with our customers, right up until it's no longer possible to do it, which is literally seconds before the auction occurs,” Bradford Egan, executive vice president and chief lending officer for Martha’s Vineyard Savings Bank, previously told Patch.

A copy of the bid package, prepared by Daniel P. McLaughlin & Co. Auctioneers, of Boston, can be seen at right.