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.