Nevada Retreat to Be Auctioned April 22

April 7, 2009 by   - () Comments Off on Nevada Retreat to Be Auctioned April 22

Hans Seibt’s former Desert Retreat RV Park, now being operated by the first trust deed holder as Nevada Treasure Luxury RV Park, will be auctioned off in a trustee’s sale April 22 at the Nye County Courthouse in Tonopah, Nev.
The notice of trustees sale published in the Pahrump Valley Times stated that Cal-Western Reconveyance Corp. is selling the property to recover an unpaid $8.56 million obligation owed by Seibt’s Clark and Nye County Development Corp., according to the newspaper.
Jim Hill, a San Diego-based attorney for the creditor, D&A Semi-Annual Mortgage Fund III Limited Partnership, said the filing of Chapter 7 bankruptcy by Seibt last September stayed the foreclosure sale for some time, but his client, the creditors, obtained the bankruptcy court’s approval to proceed in a “unitary sale.”
A unitary sale means the resort will be sold in one piece with all its amenities, including 188 lots with hookups, the bowling alley, fitness center, swimming pool with waterfalls, putting green, RV wash area, pet bathing area, Jacuzzi, convention center and restaurant.
The creditor’s motion for relief from the bankruptcy stay states that Clark and Nye Development Corp. took out a $7 million promissory note on June 23, 2006, which was payable in 17 monthly payments of $7,000 per month.
The suit claims Seibt made the last payment June 1, 2008, and has been in default ever since. D&A Semi-Annual Mortgage Fund III filed a motion for an order to appoint a receiver, enter a temporary restraining order, a request for a preliminary injunction and an order to show cause. One day before that hearing was scheduled, on Sept. 25, 2008, Seibt filed for Chapter 7 relief.
Appraiser Glenn Anderson estimated the fair market value of the property at $8.12 million. His appraisal says only 14 of the 202 condominium RV lots were sold at prices ranging from $54,000 to $155,000. The remaining 188 RV lots have full hook-ups and range from 1,200 to 4,000 square feet.
Anderson said the income potential of the RV resort would be enough to satisfy the debt, but he said the convention center, which forms much of the 42,074-square-foot mixed-use building, was functionally obsolescent.
The property will be sold at public auction to the highest bidder.
In February, investigator Bill Holland confirmed he was investigating Seibt for criminal wrongdoing in a possible Ponzi scheme.


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