PHOENIX—One of Arizona's natural treasures will go to an online auction February 27, according to Douglas Johnson, managing director of CBRE Auction Services. The historic Castle Hot Springs resort once played host to such families as the Astors, Roosevelts, Vanderbilts and the Wrigleys.
Opened in 1896, the 210-acre property is located at the base of the Bradshaw Mountains, five miles from Lake Pleasant Regional Park. Castle Hot Springs is listed on the National Register of Historic Places and home to some 550 hundred-year old palm trees, a125,000 gallon swimming pool, tennis courts, a 4,800 square-foot administrative building, and 2,000 square-foot, three-bedroom guest house with maintenance building and horse stables. And its crowning glory—the 118-degree natural hot spring that produces 180,000 gallons of pure water per day, which were believed to have mythical healing powers dating back to the 19th century.
“Castle Hot Springs represents a fantastic opportunity to acquire a unique piece of American history,” said CBRE's Johnson. “Known as the oldest resort in Arizona dating back to 1896, it was a popular destination for some of America's most affluent families who were attracted to its 118-degree natural hot springs. Castle Hot Springs also operated as a recovery facility for wounded servicemen during WWII, reportedly including John F. Kennedy.”
“This is a once-in-a-lifetime opportunity for an investor to acquire a spectacular property with a wide variety of potential uses,” said Dave Headstream with the CBRE Phoenix Land Services Group. “Situated just a short drive north of Phoenix, the property could be restored to its former glory as a world class resort destination by developing lodging, which was once a prominent feature but no longer exists on the property today. Other uses may include a wellness center, corporate or religious retreat, a sustainable community or an exclusive residential compound, to name a few.”
The bank directed auction will open with bidding at $500,000. An initial earnest money deposit of $50,000 is required in order to participate. The online auction will be held on February 27th, 2014. Property inspections will be held by appointment only. CBRE representatives will be available to answer questions about the auction process, procedures, as well as the property. Detailed property information will also be available for review including the purchase and sale agreement. For this, and other information about the auction, including the terms and conditions of the auction and a brochure, prospective bidders should visit www.cbre.com/auctionservices, or call CBRE Auction Services at 800-815-1038.
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