The Point Breeze Club in Nantucket, formerly known as the Point Breeze Hotel, will be auctioned Aug. 19 by Tranzon Auction Properties of Portland, Maine.

Most recently the property was being developed into a private club and hotel-condominium project with 32 luxury residences, restaurant, ballroom, high-end spa and numerous other services.

According to the Nantucket Independent newspaper, foreclosure proceedings began on June 18 when TD Banknorth of Cherry Hill, N.J. called its construction loan for $40.6 million and took possession of the property at 77 Easton St. from Developer Bob Matthews. TDBanknorth engaged Tranzon Auction Properties to market the foreclosure auction.

Tranzon Auction Properties said it is in the initial phases of creating marketing and due diligence material for distribution to prospective buyers.
"Response was immediate – calls began the moment we set foot on the island," said

Tom Saturley, president of Tranzon Auction Properties. "It is clear this property is near and dear to many residents and friends of Nantucket and we are looking forward to selling the asset."