The Commercial-News, Danville, IL

Local News

April 5, 2011

Bank files foreclosure papers on motorcycle shop

DANVILLE — Foreclosure proceedings have begun against a longtime local family business.

MainSource Bank of Potomac filed a foreclosure suit March 14 against Michael and Elizabeth Gutterridge for the Gutterridge Harley-Davidson business sites at 1606 and 1610 Georgetown Road.

Michael Gutterridge confirmed Monday afternoon the business remains open. Because of winter hours, the business was not open on Monday.

The Gutterridge family has run the motorcycle business for 75 years and operated a shop in Danville for more than a half-century.

The multi-count foreclosure suit includes the Gutterridge shop and the neighboring former Aldi’s grocery property that was purchased by Gutterridge in 2001. A home in rural Danville also was included in the paperwork.

The original indebtedness for the Aldi’s property was listed in the foreclosure suit at $684,812, while the original indebtedness on the Gutterridge shop was listed at $350,250.

According to paperwork filed in the suit, the foreclosure is to cover agreements dated Jan. 11, 2007, and Dec. 23, 2008. As of March 7, the lawsuit indicated the Gutterridges owed $1.05 million with interest accruing at around $184 per day.

The foreclosure suit lists the former Aldi’s building as abandoned.

The lawsuit asks for foreclosure and sale of the properties. It indicates MainSource Bank is not offering to accept the title to the property to satisfy the debt and obligations.

The business, first started in the 1930s in Pontiac, came to Danville in 1958, locating on College Street. According to the Gutterridge Harley-Davidson website, the business moved to its current location in 1962, with additions in 1973 and 1998.

Michael Gutterridge purchased the business and become sole proprietor in 1979. Contacted Monday afternoon, Gutterridge said he was working on a sale of the property.

Gutterridge Harley-Davidson is the second long-running Danville business to face foreclosure in a year. In April 2010, a foreclosure judgment was entered against the Village Mall, which has been open for more than 30 years. The mall also remains open.

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