Talk about a deal.
In what could be one of the biggest bargains so far in the depressed Colorado Springs real estate market, a limited liability company picked up the 156-acre Appletree Golf Course and an additional 220 acres in Fountain in a foreclosure sale Wednesday for just $1.45 million.
That represents 8.6 percent of what Morley Golf LLC owed on the defaulted loan owned by the limited liability company, which was set up by a unit of Miami-based home building giant Lennar Corp.
If no other creditors try to redeem the foreclosed property by paying off the $16.9 million Morley Golf owes, Multibank 2009 RES-ADC Venture LLC will get a deed to the property in 10 business days. The property also still may be subject to mechanic’s liens filed by nearly a dozen contractors, consultants and suppliers who say they weren’t paid for work on Morley Golf’s project to upgrade the course, which has been closed since 2006.
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