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Jan. 16, 2009
Willow Creek sold at auction
By MARK WAITE
The 9.1-acre Willow Creek clubhouse site and five parcels of land totaling almost 52 acres were transferred back to the lender to satisfy a $400,000 note by Ashland Capital in a deed recorded Jan. 5. The latest deed corrected an earlier filing recorded Dec. 26, which contained a scrivener's error, listing the wrong legal description of the parcels. Willow Creek Holdings held a deed of trust to the property dated Jan. 24, 2008. They were given notice of a default of the deed on July 22, 2008, according to documents on file at the Nye County recorder's office. The property includes six of 18 parcels listed under a notice of a trustees sale originally scheduled for Nov. 12 at the Nye County Courthouse in Tonopah, with an estimated sale amount of $7.5 million. The parcels include: * A 9.1-acre parcel at 1500 S. Red Butte St. containing the 6,308-square-foot clubhouse, a storage building, outdoor patio area, parking and restrooms, with an appraised taxable value of $2 million; * A 23.5-acre tract on 803 E. Bourbon St., valued at $158,013; * A 10-acre tract at 1200 S. Red Butte St. valued at $110,174; * An 8.2-acre tract at 1888 S. Waterhole Canyon St. valued at $92,623; * A 5.5-acre tract at 1401 S. Upland Ave., valued at $77,331; * A 4-6-acre tract at 1711 S. Upland Ave. valued at $61,854. Antonio Caiati, director of operations for AMI Management, which managed Willow Creek in its final days for former property owner Aram Maissian, was unavailable for comment. The golf course closed last Oct. 10. On Oct. 30, Nye County Commissioners rescinded a previous rezoning to general commercial for the 9.1-acre Willow Creek clubhouse property approved in February. That occurred after AMI Management failed to file an amended deed restriction that would ensure Willow Creek stayed a golf course until 2043. The present deed restriction expires in 2013. Commissioners also complained they weren't informed about the pending foreclosure. AMI Management presented plans in February for a hotel, casino and expanded clubhouse. The company had a contract with Utilities Inc. of Central Nevada to accept 650,000 gallons per day of treated effluent. During that October meeting, Caiati predicted if the property wasn't sold at the courthouse it would end up in the hands of a bank in Irvine, Calif., which wouldn't be able to maintain the pipeline and the properties. "The way the real estate market is, nobody's going to sell it off," Caiati predicted before the pending foreclosure sale. "You've seen what banks do with foreclosure properties, I don't know what they're going to do with 170 acres of land." The golf course dates back to 1978, when it was called Calvada by the previous owners, Preferred Equities Corp., which declared bankruptcy in 2002. The buildings date from 1981, the clubhouse was expanded in 1986. Willow Creek Holdings owned 203.3 acres before the sale, the company now has about 142 acres remaining according to records on file with the county assessor's office. Ashland Capital and a representative of the trustee, Stewart Title of Nevada, were unavailable by presstime. |
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