The Point Breeze Club in Nantucket, formerly known as the Point Breeze Hotel, will be auctioned Feb. 23 by Tranzon Auction Properties of Portland, Maine.

An August auction date was canceled due to a bankruptcy filing. TDBank recently granted relief from stay by the bankruptcy court and rescheduled the action to later next month.

According to earlier reports, foreclosure proceedings began on June 18 when TD Banknorth of Cherry Hill, N.J., called its construction loan for $40.6 million and took possession of the property at 77 Easton St. from the developer, Bob Matthews.

Michael Carey of Tranzon Auction Properties, said there is interest in the project.

Tom Saturley, presidet of Tranzon, called the auction a "once-in-a-lifetime" development opportunity.

The auction will be held Feb. 23 at 2 p.m. at the hotel.