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YELLOW SPRINGS — The sale of a commercial development in downtown Yellow Springs was finalized this week, but Dave Chappelle wasn’t the buyer.
Yellow Springs businessman Bob Baldwin bought the string of several Kings Yard Shops on the northern end of the shopping complex on Xenia Avenue from Cathy Christian, who still owns the Ye Olde Trail Tavern.
The purchase price was $440,000. Baldwin paid $90,000 up front and will mortgage $350,000. Baldwin was the second-highest bidder when Chappelle won with a $470,000 offer at the April 2 auction.
“We gave Mr. Chappelle more than ample opportunity,” said auctioneer Bart Sheridan, who represented Christian. “Closing was slated to be held on May 7 and Ms. Christian, at Mr. Chappelle’s request, granted him two extensions.
“He basically just fell off the face of the earth and never responded to us after the first part of September.”
At that point, Christian and Sheridan moved on to negotiating with Baldwin.
As for Christian, who inherited the property from her father, Roger Hart, after three decades of ownership, Sheridan said his client is happy. “She’s thrilled that we closed the transaction,” Sheridan said. “She’s ready to move on.”
Neither Christian, Chappelle nor Baldwin were available for comment.
Baldwin, who owns several other properties in Yellow Springs, said after the auction, “there were two of us there at the end. It was higher than I was willing to go. (Chappelle) probably had more available credit than I did.”
Josh Castleberry, who owns Toxic Beauty Records in the sold portion of Kings Yard, said he was disappointed Chappelle won’t be his landlord, but is hopeful after his meeting with Baldwin.
“He seemed cool,” Castleberry said of Baldwin. “(Chappelle) had to do what was right for him. . . . It’s a bummer, but what are you going to do?”
Sheridan said in April the total price of the winning bid was $517,000, including a 10 percent buyer’s premium. Castleberry said Chappelle’s family still stops in his store, but that the comedian hasn’t come by in months. Chappelle lives on a farm outside Yellow Springs.
“We have nothing to say but good about Mr. Chappelle,” Sheridan said. “We wish it could have worked out. There’s no hard feelings. Ms. Christian was at fault not one iota.”
Contact this reporter at (937) 225-6951 or mgokavi@DaytonDailyNews.com.
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