The attorney overseeing the trustee’s sale of the Claim Jumper building postponed an auction that had been scheduled on Wednesday, saying there are a number of reasons why the lender could have wanted the sale put off as he explained the postponement.
The Claim Jumper was slated to be sold at auction at noon outside the Third District Court building at Silver Summit. Kim Wilson, who is acting as the trustee, said the lender, MidFirst Bank, instructed him Wednesday morning to reschedule the sale. He received the bank’s instructions a few hours before the sale was scheduled.
He said the sale will be rescheduled at noon on Dec. 29. It was not clear what led the bank to request the postponement, and it is also unclear whether the bidding will occur on Dec. 29. The Park Record was unable to contact an Arizona-based representative of MidFirst Bank.
Four people gathered outside the court building in anticipation of the sale. None of them spoke extensively about their interest when approached by The Park Record. The people who attended included entrepreneur Michael Kaplan, Doug Stephens, who has interests in Old Town, and Elizabeth Swaney, who is in the commercial real estate industry. The fourth person was unidentified.
“We are pleased to have interest,” Wilson told the people who were there, inviting them to return for the auction slated for Dec. 29.
He told them they can “play for $5,000,” a reference to the sum that must be paid by the winning bidder at the end of the auction. The balance will be required by noon the day after the auction.
In an interview after the auction was postponed, Wilson said it is “not uncommon” for trustee’s sales to be rescheduled like the one on Wednesday.
The Claim Jumper, 573 Main St., is among the most prominent historic buildings in Park City, but it has been shuttered in recent years.
The Arizona firm that acquired the building, known as 573 Main Street, LLC, owed the bank nearly $6.9 million when a default notice was filed at the County Courthouse in March. The firm purchased the property with the expectation of refurbishing the Claim Jumper into a boutique lodging property. The Summit County Assessor’s Office values the building and the land it sits on at just less than $2.5 million
The people outside the Third District Court building on Wednesday did not appear to have serious interest in the Claim Jumper. Swaney said she has clients looking at similar properties. Stephens said he was not preparing to place a bid. Kaplan declined to comment.
The 19,400-square-foot Claim Jumper occupies a busy stretch of Main Street, and it had housed a hotel, a restaurant and office space through the decades. It is nearly a century old.
A commercial real estate firm continues to market the Claim Jumper with an asking price of $7,250,000, according to sales material posted on the building. The price includes three residential lots on Park Avenue.
The Claim Jumper has fallen into disrepair. The real estate agent marketing the building has said a buyer will need to undertake a complete renovation. The renovation costs will significantly push up the price tag for a buyer who wants to reopen the Claim Jumper, perhaps with residential units on the upstairs floors and commercial space on the street level.