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Old 09-08-2020, 02:06 PM   #31
leftsaidted
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Anyone taken the effort to see what JO paid AW (estate) for this property? Be interesting to know where his "break-even" point is vs the "taking a bloodbath" point is...
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Old 09-08-2020, 03:16 PM   #32
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Quote:
Originally Posted by leftsaidted View Post
Anyone taken the effort to see what JO paid AW (estate) for this property? Be interesting to know where his "break-even" point is vs the "taking a bloodbath" point is...
City records would indicate what the purchase price of the property was, so anybody in town who is bored out of their mind could go check that out. The fact that it has already been put up for auction once and the listing price dropped from $6.7 million to $4.5 million is a clear indicator that any creditor is seeking to get their money back from the owner.

The high bid on the auction was $3.5 million and that did not meet the minimum reserve so it did not sell for that price. Best guess is the next step will be foreclosure as has happened with many other venues in town. Then the creditor will take the property and decide whether to hold it to sell at a future date for a better price or get out of it as fast as they can. The owner doesn’t have a say in the final sale price if they are delinquent on the notes, the creditors just want their money back, or at least as much back as they can get.
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Old 09-08-2020, 07:59 PM   #33
leftsaidted
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Yes, I understand banking, loans, foreclosures, etc. I did not know JO was delinquent on the note. I assumed the auction house was bidding the property for him directly, not the creditor. Thanks for clarification.
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