An auction for 35 lots at the Bay Club was postponed after the developer filed for bankruptcy 15 minutes before the event.

Abbott Homes, a Boston-based developer, purchased the 22 acres for $2.45 million in 2007 with the intention of constructing homes and having them occupied by 2008. With the collapse of the real estate market, only one model home was constructed, at the intersection of Fieldstone Drive and Split Rock Lane at the area called “The Preserve at the Bay Club.”

Plymouth County records indicate Abbott Homes borrowed $9.96 million from U.S. Bank in 2007. According to Justin Manning, President and CFO of JJ Manning Auctioneers, U.S. Bank is the lender foreclosing on Abbott’s mortgage under the subsidiary SA Group Properties, Inc.

Manning announced the bankruptcy just before the auction on Nov. 15.

He also said 14 groups of bidders, eight for the land and six for the model home, showed up for the auction.

Bay Club general manager Craig Fleming said Abbott’s property is the only parcel in the community not owned by the Bay Club.

“It’s really out of our control from here,” Fleming said Monday. “The Bay Club and its four other villages are doing fine, and we have a good relationship with Abbott. We wish them the best of luck.”

The filing allows Abbott Homes a court-enforced stay on the mortgage. Manning said U.S. Bank will likely file for relief from the stay to continue the foreclosure.

The auction was rescheduled to Jan. 18.

“At the next auction, two things could happen,” Manning said. “A third-party buyer could bid for the model home or the lots, or both. Or the bank will bid and take ownership of everything.”

Abbott was formed in 2000 and has properties in Quincy, Medford, Cambridge and other towns. A 42-acre, 21-lot piece of property in Gloucester owned by Abbott Homes was up for auction Nov. 15 as well.

Calls to Abbott Homes this week were not returned.