King’s Inn Sells

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.

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About Mike McGonagle

An architect, business owner, and compulsive public records hacker, Mike reads the tea leaves of the local real estate market from a unique perspective.. A former Chicagoan, Mike earned his MArch from Harvard University. Mike can be reached at mike@macassociates.com or 775-345-7435. His continued musings can be found on the REreno.com blog.
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10 Responses to King’s Inn Sells

  1. Avatar Martin says:

    “the feel good days of the mid -decade”?

    The only legacy of those feel good days is that a lot of delusional people stood in the middle of the Biggest Bubble in History, and proclaimed themselves to be geniuses.
    So, by the way, how is Nando’s CommRow doing?

  2. Avatar Grand Wazoo says:

    Not to pile on, but I think the Dude announced serveral times that the Denovo was “sold out”.

    🙂

    Those were the salad days of downtown Reno development, no question about it.

  3. Avatar Goodnight_CommRow says:

    TEAR. IT. DOWN.

  4. Avatar Carleton says:

    I’ m curious…..are those $375,000 in unpaid taxes for the 36 years the Kings Inn has been abandoned? When was the last time real property taxes were paid for that place?
    375 grand would be a whopping windfall for downtown redevelopment. Every “first class” place downtown has made the annual pilgrimage to the adjustment board for about 15 consecutive years saying how business is down, revenues are down, profits are down, and how they are becoming worth less and less with each passing year.

  5. Avatar Mike McGonagle says:

    Carlton, the delinquent taxes are from 2006 on-wards. When the property changed hands to North River in May 2005, the older delinquency was cured – at least $100,000. I’m sure the KI could have appealed the assessments if they had any intention of paying, but it’s too late now.

  6. Avatar Cal says:

    So what happens if the $375K is not paid? Who actually owns the place? Now that the window has closed to build $500 sq.ft. condos, what’s going to happen there?
    Is somebody going to build a climbing wall and turn it into a world class climbing destination just like the other world class climbing destination a couple blocks over? Is this an opportunity for Leal to corner the market on downtown Reno world class climbing destinations?

  7. Avatar John says:

    If you people are so negative on downtown Reno perhaps you could move away?

  8. Avatar Martin says:

    The RGJ ran an editorial today about how Reno has an image problem across the USA. Seems like Reno has been the brunt of a lot of jokes recently in movies and the national media. The editorial talks about how there are some nice things in Reno, but somehow missed the world class climbing destination downtown. Man, hard to believe that the world class climbing destination downtown could be left off the list of good things in Reno, and especially by the hometown newspaper.

  9. Avatar Albright says:

    Is the climbing wall at CommRow still open? I was down there a couple of days ago and there was nobody even around the wall. Nobody climbing on it and nobody even to ask if it was open. Actually, there was hardly anybody in the whole place. I guess it doesn’t even open until night?

  10. Avatar sliced rye says:

    CommRow seems to have a rather screwy business model. The climbing wall is supposedly open during the day, but mothing else is open during the day, including any place to eat. The food court opens at 4pm, when the climbing wall is closed.
    I don’t see that the place is really much for climbing. The whole place seems to be really nothing more than another nightime bar scene with some food choices.

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