Fretti funeral home sells for $400,000

The buyer was a local nonprofit organization whose identity is being withheld until the transaction closes.

Seventeen bidders registered for the auction, including several area funeral homes, to acquire the 5,678-square-foot, two-story building at 5045 West Sylvania Ave. at Corey Road, according to Brent Wilson of Wilson Auction & Realty Co. Ltd., of Bryan.

The buyer has indicated plans to seek a special-use permit and use the 3-acre funeral home site for something other than a mortuary, Mr. Wilson said.

"They're not sure what they're going to do with it just yet," he said. "It is a great location, and that's what sold it.

"That area around [Westfield] Franklin Park and Corey Road, that's just premium land and it was a well-kept and maintained building."

Bidding began at $150,000 and several bids by six active bidders were received during the half-hour auction, Mr. Wilson said.

Because the winning bid did not exceed the bank's $520,000 judgment against the funeral home, it means that there is no money left over for the estate of the late J. Jeffrey Fretti, who died in April, 2009.

As a result, 45 clients who paid Mr. Fretti for advance funeral arrangements and filed claims against his estate have no ability to recoup their money, said attorney John "Jack" Wanick, executor of the Fretti estate.

The funds, which total about $180,000, were found to be miss-ing after Mr. Fretti died.

"When the bank originally took their judgment before he died, their total amount was $520,000," Mr. Wanick said. "They didn't get everything back either, and the estate didn't get anything. At this point, those [clients who lost money] are out of luck."

In March, 2009, Huntington obtained a judgment against Mr. Fretti to pay back more than $495,000, plus interest, that he owed the bank.

A month later, Mr. Fretti, 48, died of heart failure in Sarasota, Fla. while visiting relatives.

After his death, the Ohio Board of Embalmers and Funeral Directors revealed it was investigating the funeral home's operations after accounting records showed nearly $180,000 in advance payment funds could not be found.

The board determined those funds were diverted to business expenses at the funeral home, which was experiencing financial difficulties.

Last year, those who had given Mr. Fretti money for advanced arrangements were told their funds were gone and advised to file claims against the estate.

Mr. Wanick later warned that if the foreclosure auction didn't generate significant funds, the estate likely would be penniless.

Mr. Wilson, of Wilson Auction, said the $400,000 winning bid was a successful price, given the economy and sluggish real estate market.

Other than one large room with a tiled floor and drains, where embalming occurred, there is nothing that distinguishes the building as a mortuary, he said.

"A building like that has so many uses and that's why you had so many bidders," he said.

Contact Jon Chavez at:

jchavez@theblade.com

or 419-724-6128.