The Erpenbeck Co.'s financially strangled real estate empire shrank further Friday when a bankruptcy judge approved the sale of its Chestnut Park condominium project near Miami Heights for $4.75 million.

        The sale to Towne Development Group Ltd. of Cincinnati had the blessings of the bank that underwrote the project. In the U.S. Bankruptcy Court case, PNC Bank listed a claim of $5.2 million. Yet in the deal approved by Bankruptcy Judge Burton Perlman, Towne and PNC agreed to honor down payments made by 24 people with purchase contracts.

        Marie Stechschulte and fiance Jason Fightmaster were relieved.

        “We're happy with what's come about and that we're not going to lose any money,” Ms. Stechschulte said. “Our big dilemma now is that we're getting married Aug. 17 and we don't have a place to live until all this is completed.”

        Miss Stechschulte's condo is one of 48 incomplete units. Towne Development, a builder of condominiums, was the only bidder in the court-supervised auction of Chestnut Park. Phil Montanus, one of Towne's three owners, said in court that $2.5 million of the purchase price covered the sites and plans for 152 unbuilt units, while $2.25 million went for the 37 mostly built, unsold units. Eleven units were sold before the Chapter 11 bankruptcy filing in May.

        Jeff Erpenbeck, who took over the leadership of Erpenbeck Co. from brother A. William “Bill” Erpenbeck, attended the bankruptcy hearing Friday. He said his primary concern in selling was to protect home buyers.

        While PNC Bank absorbed a loss, the big losers at Chestnut Park were the subcontractors, whose $419,000 in claims for unpaid services and supplies were wiped out. Among those with the biggest claims were Charles Hamilton of Maineville, Eckert Fire Protection Systems of Cincinnati and Hughes Supply of Cincinnati.

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