No bids offered at Cal Neva auction
April 8, 2009
RENO ” No bids were offered Wednesday in a pair of public foreclosure sales auctions regarding the Cal Neva Resort, Spa and Casino in Lake Tahoe.
Two auctions were held in Roseville, Calif., and Reno for property that straddles the California and Nevada state lines and resides in Placer (Calif.) and Washoe (Nev.) counties.
According to an automated response courtesy of Fidelity National Title Company, the company processing the foreclosure sale, no bids were entered in the Roseville auction, which took place at the City Hall Annex at 316 Vermont Street in Roseville, Calif.
At the Reno auction at the Washoe County Courthouse at 75 Court St. in Reno, a minimum bid of $15 million was set, but there were no takers.
Either auction could have affected the other state’s sale if a party bid the full or partial amount of owner Namcal’s $26.8 million debt to lender Canpartners.
The sale on the California side can be postponed by 365 days if Canpartners or Fidelity requests a postponement. On the Nevada side the sale can only be postponed three times, but there is no time limit according to Nevada law.
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As of this writing, no postponement requests have been made.
If Namcal files bankruptcy then the sale will be postponed in both states until the bankruptcy is settled according to federal law.
In December Canpartners filed a notice of default against Namcal regarding the property.
No default cancellation was recorded by Washoe County by mid-January. In February Canpartners took control of the management of the casino and resort through a court-appointed receiver.
Namcal bought the Cal-Neva from former owner Charles Bluth in February 2005, according to Washoe County Recorder documents.