What's going on with Velleggia's?

Rumors have been flying about Velleggia’s, the longtime Little Italy restaurant that last changed hands in 2005. The new owner, Terry Coffman II, is said to have poured almost a million dollars into renovations at the landmark location that opened in 1937 and has been host to memorable meals by tourists and locals (my prom night dinner!) alike. The place, now called Velleggia’s Italian Seafood Restaurant, is shuttered, and, according to neighbors, the property was auctioned off last week. I haven’t been able to confirm that. The restaurant website is up and running, but when you call, you get one of those infernal, never-ending busy signals. Anyone have any information?