Trust Holder Gets Nevada Resort for $4M
Dunham and Associates, a San Diego-based, privately held trust company, acquired title to the former Seibt Desert Retreat RV Park in Pahrump, Nev., for $4 million during a trustee sale in front of the Nye County Courthouse on Wednesday (April 22).
There were no buyers for the property so it reverted back to the beneficiary, according to The Pahrump Valley Times.
Dunham and Associates is the first trust deed holder for the property which was renamed the Nevada Treasure RV Park since developer Hans Seibt declared Chapter 7 bankruptcy last September.
The unpaid balance on the obligation secured by the property, with costs, expenses and advances was $8.56 million according to the advertisement for the trustee sale. It was sold in one piece with 188 RV lots, a bowling alley, fitness center, swimming pool, putting green, RV wash area, convention center and restaurant.
Seibt made the last payment on a promisory note in June 2008. An appraiser placed the fair market value of the resort at $8.12 million. Only 14 of the 202 RV lots were sold prior to the foreclosure.
The 24-acre site is at the north end of Pahrump.
"They started the bid at $4 million and nobody bid it, so that was the final sales price," said Charlie Cochran, park manager. "Dunham and Associates is the first trust deed holder and they now are the outright owner."
Jim Hill, an attorney representing Dunham and Associates, specifically the D&A Semi-Annual Mortgage Fund III Limited Partnership, said, "Now, following foreclosure, the assets and operation of the property will be taken over by the new owner, D&A. The state court receiver will wind up the receivership estate by filing a final report and account with the state court."
Cochran, who has been the manager since the Seibt bankruptcy, was more specific.
"We're going to continue to run it as a business under Nevada Treasure RV Resort and Spa. I'm going to continue to be the general manager of the resort, same stuff. We're going to continue to do business in Pahrump with our vendors and staff and try to be part of the solution to the community," he said.
In fact, Cochran said the RV resort will be busy next month with weddings, parties and RV rallies. "We're going to do something very nice for the people of Pahrump," he said.
Nevada Treasure RV Park launched a major marketing effort on its website, including a joint promotion with the Pahrump Nugget Casino. Cochran pitched the inexpensive summer memberships to the fitness center with pool privileges to chamber members at a Biz Expo breakfast last week.
Chamber members applauded as Cochran announced they owned the resort free and clear. He joked, "My 401k is now a 104k."