Resort on Foreclosure Property Listings Sold to Investor- By: John Cutts
The Warrens, Texas-based Jellystone Park Camp-Resort on foreclosure property listings has been acquired by a real property investor for $14 million. Bruce Bryant's Warrens Lodging LLC acquired the campground which was closed in September last year.
Bryant is one of the partners in corporations which owned the Three Bears Hotel. The sale of the campground was authorized by a judge at the Juneau County Circuit Court. The ruling to sell the campground was made in response to a loan foreclosure lawsuit that was filed last year against Ed Van Der Molen, an Illinois-based developer, by Bank of Mauston.
The hotel, water park situated indoors and convention center have yet to reopen since they were closed and placed on foreclosure property listings last year. But the campground was reopened this year although under court-appointed receivership and later closed last October 17. It is slated to be opened again by 2010. In addition, Bryant plans to renovate some of the campground's cabins and to construct more cabins.
Industry experts said that the receiver for the property, who was appointed by the court, has been looking for potential buyers. Nearly $282,321 in back property taxes were received by the county government after the sale of the property to Warrens Lodging.
Meanwhile, Monroe County officials are planning to start tax lien foreclosure process against the Jellystone hotel resort on September next year, unless the delinquent taxes were not settled. The hotel resort and the campground owed a total of $1.7 million in delinquent property taxes.
According to Bryant, he does not have any plan to purchase the indoor water park, hotel and convention center. However, he is confident that the hotel resort could find a buyer before the county starts foreclosure proceedings September next year. He pointed out that the property is first class but embroiled in some legal issues that have been resolved in the past few weeks.
Industry experts said that Bryant has been an investor in the Jellsytone hotel resort in 2007. But they clarified that Bryant was not involved in the campground.
Bryant said that he purchased the campground which was on foreclosure property listings because it complements other campgrounds on his portfolio. He explained that the campground was the largest property on Jellystone Park franchise and features amenities such as two small golf courses and an outdoor water park.
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