TALISKER FORECLOSURES DONE!
Written by: Jess Reid
As of today, November 17th, 2015, the final foreclosure sale was conducted for Talisker properties at the County Courthouse. The underlying lender, Wells Fargo, made a credit bid for $35M for the properties in Summit County only. On October 29th, Wells Fargo also made a winning credit bid for $35M for the Wasatch County based properties.
At the foreclosure sale, there were approximately 70-75 people attending. However, the only bid was placed by Wells Fargo.
No one seems to know yet what Wells Fargo will do with the properties or if they already have buyers waiting in the wings. My best guess is that by essentially taking back these properties on a credit bid it will clean up any complications related to the prior owner (Talisker). I am told that a credit bid is when the lender takes a property back for the amount of debt owed and others participating bidders would need to beat the lender’s bid. This would allow Wells Fargo to have more control over the disposition of the properties. Wells Fargo may want to break up the big bundle of properties and sell off parcels separately to bring more money in to either minimize their losses or make money on the sale.
We will keep you posted as this historical event continues to unfold.
Park Record Articles on the matter: