Jim St. Jean removes a sign for the Derry Depot Steakhouse building auction that was postponed until April 11th.

DERRY — The fourth time could be the charm for a former downtown steakhouse.

An auction to sell the former Depot Square Steakhouse building is back on, after three previous auctions were postponed.

The auction is set for Oct. 18 at 1 p.m. at the 1 West Broadway property.

"The long awaited auction is finally upon us," Town Administrator John Anderson said.

The first auction was scheduled in November 2010, but was abruptly called off, as was a second auction attempt on Jan. 20, 2011. A third auction in April of this year also did not happen.

Reasons for the cancellations ranged from issues with title paperwork to environmental concerns near the property where the former Shamrock dry cleaner was located, according to town officials.

All is now clear for the auction to take place.

The 2,917-square-foot steakhouse, located in a historic former train station, closed abruptly in September 2010, leaving a gaping hole in the downtown landscape.

Weeks later, nearly 200 items from the building's interior, including furniture, appliances and kitchen supplies, were sold to the highest bidders.

Former owners Tim Frost and Jane Tuerck opened the steakhouse in 2002. The pair's other restaurant venture, Janie's Uncommon Cafe, remains open in Londonderry.

After the steakhouse closed, Tuerck said she was sad the business couldn't succeed, but the economy was driving the steakhouse and many other businesses down a long, slow road.

The Depot's assessed value is $451,800, according to auction paperwork. Almost $40,000 in back taxes, plus water/sewer charges, are owed the town following a sale, Anderson said.

Jay St. Jean, representing the auction company, said the Depot building could have another successful life in the future.

"There has been a lot of interest in this building," he said after the first auction was postponed.

Anderson said he hopes the Depot will live on as a successful venture as it's an important spot in the downtown landscape.

"It made such a great restaurant," he said. "We're very excited and have had several inquiries about it."

The mortgage on the property is held by CIT Small Business Lending Corp. of New Jersey.

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