HOWARD — A timeshare in Apple Valley appraised at $2.5 million will have a lower minimum bid as it goes to auction for the second time Friday.

The minimum bid for the Apple Valley Resort Unit Owner’s Association timeshare has been lowered from $1.67 million to $1.2 million through a court order. The order was obtained on behalf of the resort owner’s association after the timeshare failed to sell at auction Sept. 14.

The highest bid at the Sept. 14 auction for the 31-unit timeshare was $1.4 million. Because the sale was a public auction through the sheriff’s office, it had to reach a minimum bid equal to two-thirds of the appraised value.

Zachary DiMarco, an attorney with Critchfield, Critchfield & Johnston, representing the resort owner’s association, said the new minimum bid comes about through a provision in Ohio law. The law allows for a bid to be set by a court order if a property does not sell the first time, DiMarco said.

The sale will be held at the timeshare’s clubhouse Friday at 10 a.m. In addition to the timeshare’s 31 units, five contiguous vacant parcels and one parcel with a home on it will also be offered for sale as one lot.

The condo is deed-shared, meaning that any of the 2,888 individuals (referred to as defendants in the court filings) 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.

Due to the number of defendants, the case is the largest in memory to proceed through the Knox County Clerk of Courts office. It has been on the common pleas docket since April 2017, and much of that time was spent in contacting all defendants by certified mail.

The timeshare was established in the 1980s. The sale has been prompted by falling participation in the timeshare.

 

Nick Sabo: 740-397-5333 or nsabo@mountvernonnews.com and on Twitter, @mountvernonnews

 

 

Previous Story

Next Story

 

Rules: Please keep your comments smart and civil. Don’t attack other commenters personally and keep your language decent. If a comment violates our comments standards, click the “X” in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member.