HOWARD — A 31-unit timeshare in Apple Valley failed to sell at public auction Friday.
Bidders on the Apple Valley Resort Unit Owner’s Association property stalled at $1.4 million, $270,000 less than the minimum required bid. The $1.67 million minimum represents two-thirds of the timeshare’s appraised value of $2.5 million.
The auction was held in the resort clubhouse. A total of four bidders appeared in person, with seven registered bidders on the phone.
The resort unit owner’s association was represented at the sale by Critchfield, Critchfield & Johnston attorney Zachary DiMarco. DiMarco said the timeshare will be reappraised, and another auction held.
DiMarco said he expects the second appraisal to come in lower than previously, due to the bids received Friday.
In addition to the timeshare’s 31 units, five contiguous vacant parcels and one parcel with a home on it were also offered for sale as one lot. The sale did not proceed to the second lot because the timeshare did not sell.
DiMarco said the next auction date will be announced after the property is re-appraised.
The property is a deeded timeshare. Timeshare holders who are current on their condo fees stand to get a pro rata portion of the sale. Those who are delinquent on fees will have the arrearage deducted before receiving a share of the sale.