Bank Buys Northern California RV Park for $460,000
The Dance Country RV Park in McCloud, Calif., was acquired Monday (April 30) by Southern California-based OneWest Bank, which had foreclosed on the property and put it up for public auction.
The bank acquired the property for the $460,000 opening bid it made to open the auction because no other parties came forward with an offer, according to Tom Paschen, senior vice president of Fidelity National Default Services, an affiliate of Fidelity National Title Co., which conducted the foreclosure proceedings, the Mount Shasta News reported.
Paschen would not disclose the appraised value of the property but did say the original loan holders owed the bank $1.12 million.
“I’m surprised it didn’t sell to a third party,” Paschen said. “We had several calls on it.”
The bank continues to decline comment on the matter.
Jalmar Properties Inc., a real estate management company out of Las Angeles, has been hired by OneWest to manage and open the park as soon as possible.
Jalmar’s CEO Jim Donell said he has begun work on the RV park and will have it up and running as quickly as possible. All current reservations will be honored.
Jalmar Properties manages in excess of $2.5 billion in properties throughout California, Arizona and Nevada, including several RV parks.
The park, which has been in operation since 1980, attracts hundreds of visitors every year and brings thousands of dollars to the local economy.
“This is really good news, and I think it’s a win-win for the bank and for the McCloud Community,” McCloud Chamber of Commerce President Darlene Mathis said. “I am also delighted the property will remain an RV park, which contributes a great deal to our local economy.”
“If the park had closed, it would have negatively impact so many aspects of our local economy, including our restaurants, our markets and our retail shops,” she said, noting that the RV visitors usually stay in town for multiple days and spend time contributing to the town as a whole.
“To us, keeping that property an RV park was really important,” she said.
For more information about the RV park or to make reservations, call Jim Donell at (310) 207-8481.