GUILDERLAND — The red neon arrow pointing to the soot-streaked and abandoned Governors Motor Inn is busted, but the sign a few steps away screams some news, "Sale Pending." There's not much left of the inn's glory days except the red heart-shaped bathtub Jacuzzis still inside rooms that survived a huge June 2010 fire. Yet CM Fox Real Estate's Brian Meurs had a buyer for the 1.93 acres − but the deal fell apart Thursday.

More than $200,000 in taxes were owed on the property, "so we were aware of the possibility of foreclosure but we hoped we could get the sale closed before that happened," Meurs said.

As the foreclosure date approached, the possible complications proved too much for the prospective buyer even though "the asking price had been lowered from $475,000 to $200,000," Meurs explained.

Albany County director of policy and research Michael McLaughlin said he expected the necessary paperwork would make its way through the foreclosure process in the next 30 to 60 days.

"We've had calls from buyers interested in the property who ask how far along in the foreclosure process we are and as the day gets closer, it can push some buyers' comfort levels," McLaughlin said.

Many Guilderland residents have vivid memories of the inn which was built in 1963 to have a resort atmosphere with a cocktail lounge and champagne bottle-shaped swimming pool. And after the original owner sold it in the 1970s, they also witnessed the inn death spiraling into crime-plagued disarray. Albany County tax rolls list the property's full-market value as $588,235, which seems improbable given the two-story building's faded yellow paint and wood panels replacing window panes where air condition units have been removed.

The town had cited the inn owners for more than two dozen violations since the fire, including a failure to secure the building against intruders.

It's hard to believe some of nostalgic Instagram and Reddit posts that describe the aforementioned pool and dancing on a terrace lit by pastel paper lanterns surrounded by roses and day lilies. Could all that be true?

Brian Forte is a reliable eye witness to the inn's trajectory. A former Guilderland police officer of about 25 years, he has also been a volunteer firefighter for more than 34 years and Guilderland Fire Chief for three years. He saw the Governors Motor Inn from its heyday and witnessed its rapid slide after original owner Robert Crocetta Sr. sold it.

"It was a romantic destination, a popular place for weddings and honeymoons with almost a country club or resort atmosphere," Forte said. "It had a nice restaurant and bar, a swimming pool in back that kids loved. It was upscale lodging. This was about 35 years ago."

A vintage Governors Inn post card on ebay shows a sleek white building with a parking lot full of 1960s' era cars. The text on the card praises the inn's cocktail lounge, restaurant, live music, heated pool and "free in-room TV."

Crocetta, who died in 2006, was a successful entrepreneur who owned men's clothing stores and a Colonie cider mill. He was dedicated to many Guilderland civic and charitable efforts before he retired and moved to Florida. The inn at 2505 Western Ave. soon began attracting the attention of police.

"I knew it was in trouble when the rooms started renting by the hour instead of the night," Forte said dryly. "There were complaints about prostitution and drug dealing there. Police set up a couple of stings there after complaints about pornographic movies being filmed there. Some people may not have been aware their images were being used in a porno because hidden cameras were involved."

The rooms and ceilings were covered with mirrored tile; the restaurant and lounge closed.

The neighborhood now seems quiet and respectable with a children's center across the street and a farmers' market just down the road.

The inn has been boarded up since the June 2010 fire. It was listed for sale last year. Meurs said the prospective buyer contacted him about four months later.

"I don't think the county can find someone who will pay more in an auction for the property than our buyer offered," Meurs said.

But McLaughlin says the county no longer auctions off foreclosed properties unless there are environmental problems such as a brownfield.

"Foreclosed properties now go to the Land Bank," McLaughlin said, referring to the agency that facilitates acquiring, improving and redistributing vacant and abandoned properties. "The new owner will get the property and all that it contains including the red heart-shaped tubs."