Well, sort of. After at least 8 aborted trips to the courthouse steps, North River Development LLC aka the King’s Inn, was taken back by the lender today at a Trustee’s Sale. The original amount of the loan was $3,500,000 and the opening bid was $500,000 – there were no takers. A $150,000 2nd loan and a $900,000 3rd were wiped out.
In the good new department, Integrated Financial Associates out of LV will have to bring property taxes current in order to record the sale – about $375,000. The bad news is that Integrated Financial filed for Bankruptcy in March. Still, maybe this is a first baby step in getting the building gone.
If you miss the feel good days of the mid-decade when anything was possible, take a look at what the King’s Inn was supposed to be like when transformed into the Denovo.
I have to wonder why the lender went through the trouble of even foreclosing. Transfer tax will be $20,000. Property taxes at $375,000. The Assessor only values the 4 parcels under the King’s at $450,000. What would demolition cost, another million with the underground parking and proximity to the train trench? The best financial outcome was probably to just let the County take it back at a delinquent tax sale. Go figure.
19 December 2011 Update – The Trustee’s Deed on the King’s Inn was recorded today and is available HERE. Kings Inn Holdings LLC is an entity of the lender, Integrated Financial. The Assessor’s and Treasurer’s sites haven’t populated with the new ownership yet, so I can’t tell if the delinquent property taxes were in fact paid off. Stay tuned.