Somerhill Gallery declares Chapter 7, owes more than a quarter-million dollars to artists | News
News
INDY Week's news blog

Archives | RSS

Monday, August 30, 2010

Somerhill Gallery declares Chapter 7, owes more than a quarter-million dollars to artists

Posted by on Mon, Aug 30, 2010 at 3:05 PM

Somerhill_Front_July_2008.jpg
  • Somerhill.com
Disclosure: The Indy’s Durham office is in the same building as Somerhill Gallery. The Indy is also a creditor in the gallery’s bankruptcy proceedings for advertising that has not been paid.

Somerhill Gallery President Joe Rowand lives in a 4,500-square-foot mansion filled with fine art on a 22.5-acre estate outfitted with a saltwater swimming pool and separate guest quarters—yet his gallery owes nearly $200,000 in back rent and $277,000 to artists whose work it consigned. somerhillcreditorlist.pdf

And during the gallery’s financial meltdown, Rowand has drawn a $15,000 monthly salary, according to federal bankruptcy court documents. (See pages 4-5 of the document.) motiontopay.pdf

Somerhill declared Chapter 11 bankruptcy earlier this year, but converted it to Chapter 7 last week.

The gallery, which moved from Chapel Hill to Durham in 2008, is housed in a 9,663-square-foot space on the first floor of the Venable Building, 302 E. Pettigrew St., in Durham. Scientific Properties owns the building. Monthly rent is $17,762, according to court documents; the gallery has not paid rent for almost a year.

Scientific Properties has asked the court to require the gallery pay rent and fees and to vacate the premises. In that document, Scientific Properties cites a monthly debtor report showing that in both May and June, Rowand received $15,583 in salary and an additional $3,384 in health insurance.

The gallery has asked to stay in the Venable Building until it can move to a new space, which is not named in court documents.

Rowand was not available for comment Monday afternoon on the bankruptcy, his salary or the gallery’s move.

Other debts include $200,000 to philanthropist Rolf Rosenthal of Locust Valley, N.Y. He and his wife, Elizabeth, headed a charitable foundation that funded many artistic programs, including episodes of PBS’ American Masters series. Rosenthal died in February 2009.

In May, the monthly debtor report shows that “the gallery sold consigned property for $10,252, yet had not paid the persons who consigned the art.” The gallery hopes to raise $264,000 in a liquidation sale of its assets.

(H/T BullCityRising on the Chapter 7 news.)

Tags: , , ,

Pin It

Comments (7)

Showing 1-7 of 7

Add a comment

 
Subscribe to this thread:
Showing 1-7 of 7

Add a comment

INDY Week publishes all kinds of comments, but we don't publish everything.

  • Comments that are not contributing to the conversation will be removed.
  • Comments that include ad hominem attacks will also be removed.
  • Please do not copy and paste the full text of a press release.

Permitted HTML:
  • To create paragraphs in your comment, type <p> at the start of a paragraph and </p> at the end of each paragraph.
  • To create bold text, type <b>bolded text</b> (please note the closing tag, </b>).
  • To create italicized text, type <i>italicized text</i> (please note the closing tag, </i>).
  • Proper web addresses will automatically become links.

Latest in News



Twitter Activity

Comments

In the words of Donald Trump, when questioned about the future ramifications of his meeting in North Korea...

"We'll …

by Alan L. Falk on Here's What North Carolina's Representatives in Congress Think of Trump's Performance at Putin Summit (News)

I just wish some of these people who are so "russia, russia, russia", crazy. Cared about russia when they took …

by Timothy Oswald on Here's What North Carolina's Representatives in Congress Think of Trump's Performance at Putin Summit (News)

Most Read

Most Recent Comments

In the words of Donald Trump, when questioned about the future ramifications of his meeting in North Korea...

"We'll …

by Alan L. Falk on Here's What North Carolina's Representatives in Congress Think of Trump's Performance at Putin Summit (News)

I just wish some of these people who are so "russia, russia, russia", crazy. Cared about russia when they took …

by Timothy Oswald on Here's What North Carolina's Representatives in Congress Think of Trump's Performance at Putin Summit (News)

Pretty sad world we live in when a briefcase is more important than your child.

by Scott Gurtel on Pro tip: To avoid leaving child in car, put important briefcase in backseat next to less-important kid (News)

AS long as the hog industry is polluting the poor neighborhoods it is ok...according to the idiot republicans...and they are …

by Tony Dockery on The NCGA Wants to Give Hog Farms Carte Blanche to Spray Pig Crap Wherever They Want, Neighbors Be Damned (News)

I agree with the post by forourgirls. If you watch the video, you are stunned by the number of times …

by localteacher on Montessori School of Raleigh Directress Says She Was Fired for Talking to the Cops About Sexual Abuse at the School (News)

© 2018 Indy Week • 320 E. Chapel Hill St., Suite 200, Durham, NC 27701 • phone 919-286-1972 • fax 919-286-4274
RSS Feeds | Powered by Foundation