Rusty Palmer ordered to pay after defaulting

Posted 8/21/12

TEXAS TOWNSHIP, PA — Rusty Palmer, the owner of the flamboyant sports machine business on Route 6 outside of Honesdale has been ordered to pay $7.2 million to the Dime Bank after defaulting on the …

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Rusty Palmer ordered to pay after defaulting

Posted

TEXAS TOWNSHIP, PA — Rusty Palmer, the owner of the flamboyant sports machine business on Route 6 outside of Honesdale has been ordered to pay $7.2 million to the Dime Bank after defaulting on the mortgage to his sprawling building on 15 acres, and after failing to file a timely response to the bank’s legal complaint.

The bank had been seeking to foreclose on the property, which includes a nearly 118,000-square-foot building. It’s not clear if Palmer and his wife, who is a co-owner, will come up with a payment before the property is forced into a sheriff’s sale.

The building was put up for sale last fall, and was listed for about $8 million. At the time, Palmer said he was looking to downsize, but he said at the time he was still in business and selling lots of sports equipment.

Palmer built the facility after a 2005 fire totally destroyed his original building nearby.

Palmer sells motorcycles, snowmobiles, four-wheelers and jet skis, and the operation included a restaurant and employed about 60 people.

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