FORECLOSURE SALE ON TWO OLD SUNBURST PROPERTIES
Tuesday, May 6th, 2008 -- 10:17 AM
The strange life of the old Sunburst Youth Homes property will continue this week with a Sheriff's sale to end all Sheriff's sales.After Sunburst went belly-up, the property along the Black River sat unsold for a long time. It was finally purchased by car dealer Gian Sud, who gifted some of the land and buildings to the Colby School District. Sud kept some of the land, apparently with hopes of developing a subdivision. The remainder was purchased by Ten Mile Investments of the Twin Cities.
Back in 2004, Leonard Nauman, Chief Manager for Ten Mile Investments, told Central Wisconsin Broadcasting his group purchased a 25-acre parcel of land that contained 4 of the old Sunburst dormitories.
But, he was cryptic as to what the firm planned to do with the buildings and undeveloped acreage.
[url=http://www.cftc.gov/enf/00orders/enfpensionamerica.htm]On-line documents[/url] show that, since we had our conversation with Mr. Nauman, he ran into some trouble with the Federal government for misusing investors' money.
While Ten Mile continues to own some property, county records show Minnesota real estate agent Mary Ann Saindon purchased two parcels from Ten Mile Investment. She's apparently defaulted on the loan, leading to Wednesday's Sheriff's sale of two 2-acre parcels.
She purchased those properties for $412,000 and $362,000, respectively. They were foreclosed upon in December for $453,000 and $462,028, respectively.
It's not everyday a foreclosure sale of this magnitude comes around.
The opening bid will be released today (Tuesday). The Sheriff's sale will be conducted Wednesday in the 3rd floor lobby entrance of the Clark County Courthouse at 10 a.m.
Feel free to contact us with questions and/or comments.