A magistrate in Ohio has approved the eviction of Louis Telerico from a roughly 17,000-square-foot mansion, though the parties are discussing a possible buyback. The foreclosure case began in 2011.
The home in Aurora, Portage County, was the subject of a foreclosure case Bank of America filed in August 2011. Telerico continued living there while pursuing appeals and bankruptcy proceedings. The Ohio Court of Appeals upheld the sale in December 2025. The bank had acquired the property at a sheriff’s sale in January that year and later transferred it.
Investment company ERADAL bought the property in July 2026 for slightly more than $3 million. It then served Telerico with a three-day notice to vacate and filed an eviction complaint after he remained in the home. The company also cited concerns about the property, including roof deterioration and overgrown grounds.
News 5 Cleveland reported that a magistrate approved the eviction at a recent hearing. Telerico’s attorney said negotiations are under way for a possible buyback, contingent on the former owner securing financing. ERADAL is willing to allow time for a transaction but is also preparing to take possession and restore the estate if no agreement is reached.
After nearly 15 years of litigation, the dispute has shifted from challenging foreclosure and sale to whether the former owner can buy the property back. No final buyback agreement has been confirmed.