Greeley Mall headed back to lender, the sole bidder at foreclosure auction. The lender for the Greeley Mall bid $33.8 million on the foreclosed property Wednesday, according to the Weld County public trustee.
"It's going back to the lender," said Susie Velasquez, public trustee, who oversees the weekly foreclosure sales. "We were hoping someone (besides the lender) would bid on it."
The mall, bought for $41.4 million by Chicago-based GK Development in 2006, entered the foreclosure process last summer. The property was originally scheduled to go to public auction Dec. 8, but the sale was repeatedly delayed — because of a lack of a submitted bid or attorney request — until Wednesday's auction. In the near term, mall operations will continue as normal, however, the long-term picture hasn't come into focus.
Source : http://www.denverpost.com
