COVENTRY TWP.: The scheduled sale of the Portage Lakes property housing the former Nicoletti’s Park Place restaurant was cancelled about three hours before it was set to go on the auction block Thursday.

The Nicoletti family, which owns the property and operated the restaurant, signed a purchase agreement with a group of investors earlier in the day, Kiko Auction owner Richard Kiko Jr. said.

“The sellers just notified us the auction is off,” Kiko said.

The four-story property, on West Reservoir at 530 Portage Lakes Drive, formerly was known as Hook, Line & Drinkers. Previous reports indicated it was going to auction because the Nicolettis wanted a quick sale due to an illness in the family.

Summit County property records show that the family entity owning the property paid $900,000 for it in 2013.

“We are not privileged to have any additional information at this time. If you have any interest in buying the property, please provide us your name and contact information, and if for any reason it may become available, we will contact you,” Kiko Auctions said.

Questions should be referred to Rusty Kiko or Brooks Ames at 330-453-9187.