March 11, 2012

Greenville SC Some of The Cliffs Properties go to Foreclosure


Greenville SC Some of The Cliffs Properties go to Foreclosure Sale

At the recent Greenville Foreclosure sale The Cliffs Communities were able to stop the sale of many residential lots in several of the Cliffs developments which were located in several counties. The lots were withdrawn from the Greenville foreclosure sale as a part of the bankruptcy filing that was filed recently. The other two Cliffs properties that were secured by mortgages and under different company names were foreclosed on at the Greenville foreclosure sale this past Monday. 

One property was La Bastide that Bank of Travelers Rest was owed over 4 Million dollars on a mortgage they had given to Cliffs Commercial properties that never was repaid. The bank would have gone higher than to $200,000 to get the property back but because no bidders were willing to pay more money the bidding stopped at $200,000. I think the bank would have bid to at least 2 Million or more to have retained the property but that is only my personal thoughts since the debt was 4 Million. 
The other Cliffs property that was foreclosed on was more residential lots at The Cliffs at Mountain Park located in Travelers Rest and near downtown Greenville. This property is 30 day sale so the bidding remains open for thirty days and the banks high bid was 1.8 Million for these lots that were sold together. This surprised me a little since the business man from Texas Mr. Carlile had said recently with Jim Anthony he hoped to gain control of The Cliffs at Mountain Park to try and finish it out so it will be interesting to see if he bids on these lots at Mountain Park at the Greenville Foreclosure 30 day sale.
Posted in Foreclosures
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