Bethel lakefront development for sale; Bella Lago bankruptcy auction announced
August 14, 2013 —
An announcement heralding the bankruptcy auction of a number of lakefront properties that have stood empty for the past six years or so, says the development contains “18 substantially completed homes.”
Information on the auction company’s website, www.maltzauctions.com, says the homes will be “sold in bulk only.”
The development contains two detached 3,500-square-foot homes with garages that are completed, with six bedrooms and five full baths.
There are 16 semi-detached units with one model completed, and 15 are in various states of completion.
There is also a clubhouse, which is nearly complete, an in-ground swimming pool, a multi-purpose sport court, and the nearly three-acre site had previously been approved for an 18-slip boat dock.
Potential bidders are advised that they must present a cashier’s check in the amount of $80,000. The auction will take place on Thursday, August 22 at 1 p.m. on the property on White Lake.
Court papers regarding the bankruptcy say, “While the project is not yet completed, there is substantial value in its current state of completion that would be attractive to a purchaser which would then fund the additional costs to complete the project.”
The document puts the value of the complex and bank accounts connected with the project at about $3 million.
The developer, Dan Rolnik, previously fell behind on tax payments and the county seized the property in 2009, but he was later able to pay the back taxes and recover the property.
A judgment on one of the mortgages on the property was issued on October 31, 2012, and the total secured debt on the project is listed at $849,086.