Running Horse Foreclosure Auction

November 1st, 2007

The Running Horse Golf & Country Club is in Fresno, California. A tournament – Running Horse Golf Championship had been announce to be played in October 2007 but due to foreclosure problems it will take place in 2008 – if all goes well.

A major portion of Running Horse golf course has been allowed in a foreclosure auction to be sold to new buyers by the previous owners. The auction was a trustee sale and the first one for 26 parcels went for $6.6 million. The second one consisting of four parcels was snapped up for $3.3 million. La Hoya paid the total amount of $10 million.

The foreclosure auction in Fresno County Courthouse did not complete until well after noon. Chris Mathys who is a former city council member of Fresno city was backed by a group of Swiss investors. He came forward with a $25 million cheque. Tom Armstrong, the attorney said that with La Jolla keeping the ownership the company would try to sell it off without least possible delay.

On Wednesdays, meetings will be held with Donald Trump Organization and representative so Fresno City regarding hot future plans for the golf course estate. The city fathers are keen to put the 38 parcels together with the La Jolla properties and other pieces owned by Scripps Holding and Green Point Mortgage. Eight other properties are also being targeted to complete 480 acres. Once the city takes over ownership of all the bits and pieces the Mayor wants to sell it to Trump Organization. This will not be possible until February 2007 in the usual course but the legal advisor of Trump feels that if the deal goes through things can be expedited. For further running information on Running Horse Golf Course foreclosure news browse and click on the web.

Two lenders have been permitted to foreclose on the aforesaid golf course property. It permits GreenPoint Mortgage Funding and La Jolla Loans to proceed with foreclosure to realize about $12.4 million, after 25^th October. During this interval, Mick Evans, the owner of the 420-acre gold club project, can look for a buyer of this incomplete course.

Contractors who have not been paid can ask for a halt to foreclosure moves by GreenPoint that has as collatral 34 parcels of the property and La Jolla has one parcel. Several buyers have approached Evans including Trump.

Via