Selover Mansion Photos 83 S. Main Street Moravia, NY
SELOVER MANSION, INC.
Background:
Prior to Michael DeRosa acquiring the mansion located at 83 S Main Street in the historic Village of Moravia, New York, it was owned by Jack Charles Du Mars and his wife Rosanne Irving who purchased the property in 1993 while residents of Manhattan, the couple purchased the property as a retirement home.
When they bought the house, Du Mars said it needed some renovations and updates but suitable to move in. Shortly thereafter, they turned on the heating system during winter and the pipes burst causing water damage to the walls and ceilings. The disaster left Du Mars and his wife with few options other than gutting the entire house.
Michael DeRosa set up a corporation titled “Selover Mansion Inc.” to purchase the mansion and also purchased title insurance to make the acquisition simple for the future buyer. The new buyer can purchase the corporation “Selover Mansion Inc.” that holds ownership and title to the property with an existing title insurance policy issued to the corporation “Selover Mansion Inc.” By purchasing the corporation that owns the property the new buyer's name can remain anonymous. Selover Mansion, Inc. will remain the title owner of the mansion property and the ownership of the corporation will be conveyed to the new buyer and/or it's entity.
