City Files Foreclosure Suit on Bostwick Building

[Tacachale]

No argument on 9th and Main, but this is kind of a special case. There was an owner who wasn't keeping up his property (to the extent it was affecting neighboring buildings), had sought to tear it down rather than fix it up, and there is at least one buyer willing to purchase it.

[joshuataylor]

If Ovinte is still interested in purchase, I hope they pick it up at auction for less than the previous owners were asking. Just to add insult to injury. 

[edjax]

Per article on JBJ Klempf says he is still interested.

[edjax]

From The City a bit earlier today:

Stephen and Ennis, I just wanted to give you a heads up on the latest developments related to the Bostwick Building.

At today's hearing, the Court ruled that the City is entitled to foreclosure of the property and set the amount of the City's lien at $71,000. The next step will be for the Court to determine the amount of the City's attorneys' fees and costs, which will be added to the lien total. As soon as that determination has taken place, the Court will order a judicial sale of the property.

Anything on this yet?  Seems like a month would be sufficient time to determine the attorneys' fees and costs and get this moving.

[thelakelander]

Bostwick Building scheduled for late July auction

The beleaguered Bostwick Building could be in the hands of a developer by late July.
A circuit court judge on Tuesday granted a judgment on the city's attorney's fees and costs at $78,774 and ordered the property to be sold on July 21, said Chris Hand, chief of staff for Mayor Alvin Brown. In a foreclosure auction, the reserve is set at the judgment amount.

full article: http://www.bizjournals.com/jacksonville/news/2014/05/20/bostwick-building-scheduled-for-late-july-auction.html

[Charles Hunter]

Pass the hat!  The MetroJacksonville Building!!!   

[JaxUnicorn]

"In a foreclosure auction, the reserve is set at the judgment amount."

If this were true, no one would buy property at foreclosure sales because often times the judgment amount is way more than the property is worth....

[Tacachale]

The Bostwick has sold.

http://www.jaxdailyrecord.com/showstory.php?Story_id=543453

[Tacachale]

The building has sold for $165,100 to Foodonics Equities LLC, represented by attorney Leslie Dean. A quick search shows that this is Dixie Egg Company, the business of Jacques Klemp, who tried to buy the building last year.

$78,774 will go to the city to cover the back fees the Bostwicks hadn't paid. This means the former owners get at most $86,326. As the article notes, Klempf was under contract to buy the building from them for $325,000 as recently as last year.

[IrvAdams]

Good. Sounds like someone who has plans for the building and the means to carry them out.

[AuditoreEnterprise]

anyone know how many people were actually bidding? If it went for over double starting bid looks like it was a good auction

[Bridges]

So the Bostwicks cost themselves about $160,000? For not working with Klempf earlier?

What about the law suit from the adjoining building? Isn't that what held up the original Klempf deal?

[AuditoreEnterprise]

I do know that if the city forecloses on a property because of backed taxes everyone else who bought a certificate is S.O.L. I am going to assume in order to get that money back they may have to put forth another case against the Bostwicks personal property if they have any. they were claiming at one point to want so much because they had that judgement to pay out. They ultimately cost themselves a lot more by having their property taken by the city.

[Tacachale]

Especially given that they previously turned down offers that were a lot higher even than the last one. And the fact that the property would be a lot more valuable if they hadn't let it deteriorate through negligence.

[spuwho]

Bostwick loss = tax write off

They will do fine.