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GlobeSt.com UPDATE: Owner of 672-Acre Tract Declares Bankruptcy, Stops Auction

SHELTON, WA-The expansive property along highway 101 here, abut 20 minutes from the State Capital, was scheduled to be foreclosed on through a sheriff's sale scheduled for last week.

By Brian K. Miller | Updated on May 25, 2005

SHELTON, WA-One of the largest parcels available in the South Puget Sound area wasn’t sold at a Mason County Sheriff foreclosure auction last week as planned . A source with Realty Marketing Northwest, the company hired to market the sale, tells GlobeSt.com the debtor was able to stop the sale by declaring bankruptcy at the last minute.Zoned for a mix of uses, the 672-acre tract is located across Highway 101 from Wal-Mart and Fred Meyer, about 20 minutes west of Olympia and Interstate 5. Part of the property fronting the highway has been rezoned commercial. The rest of the land is zoned for residential and an industrial business park. The auction was the method by which the lender had chosen to foreclose on the property. The lender is Paradigm Financial Services, an affiliate of the Confederated Tribes of Grand Ronde. The name of the debtor was not immediately available.Realty Marketing Northwest president John Rosenthal tells GlobeSt.com the sale is on hold indefinitely. “The borrower declared bankruptcy, so the sheriff’s sale was cancelled,” he says. “The sale will be rescheduled once [the lender] goes through all the legal hoops.”The total loan on the property is $18 million or about $26,785 per acre. Prior to the scheduled sale, Rosenthal said the property wouldn’t sell for that much. According to published reports, the one-time timber tract sold in 1999 for $7.3 million or about $10,100 per acre. The seller was the late Shelton contractor John Kneeland, who assembled some 800 acres one both sides of Highway 101. In the 1990s, Wal-Mart bought its land from Kneeland for more than $100,000 per acre.

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