TONOPAH -- Dunham and Associates, a San Diego-based, privately held trust company, acquired title to the former Seibt Desert Retreat RV Park for $4 million during a trustee sale in front of the Nye County Courthouse Wednesday.

There were no buyers for the property so it reverted back to the beneficiary.

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 a unitary sale, 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 on the corner of Highway 160 and Leslie Street at the north end of Pahrump.

Officials from Dunham and Associates flew up to Tonopah to watch the sale, according to Charlie Cochran, manager of the park.

"They started the bid at $4 million and nobody bid it, so that was the final sales price," Cochran said. "Dunham and Associates is the first trust deed holder and they now are the outright owner."

The receiver appointed by the 5th District Court to operate the resort pending foreclosure, certified public accountant Larry Bertsch, will be terminated immediately, Cochran said.

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 Web site, 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 Thursday morning.

Chamber members applauded as Cochran announced they owned the resort free and clear. He joked "my 401k is now a 104k."

The Trailer Life Directory named the Nevada Treasure RV park one of the top 300 RV resorts from among 12,000 in the country.