Gary Melius files for bankruptcy to save Oheka Castle: “I could no longer keep them at bay” 

Developer Gary Melius has filed for Chapter 11 bankruptcy in a bid to save Oheka Castle from being sold.  According to the bankruptcy filing, the property owes $63.5 million to creditors and has just $57.27 in a checking account, Newsday reported. Its assets total $92.8 million, including the property itself, machinery, equipment and vehicles.  Filing for Chapter 11 will allow the politically connected Long Island developer some breathing room, providing a temporary stay on foreclosure proceedings that have plagued the property for almost a decade.  “I had a foreclosure; I was going to lose the place on Aug. 7. I’ve […]This article originally appeared on The Real Deal. Click here to read the full story.