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Rota’s Sunset Villa up for auction
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Posted on Oct 30 2006
Want to own a beachfront villa? The Commonwealth Development Authority is now finalizing actions for the auction of Sunset Villa, an alluring beachfront cottage hotel located on the island of Rota.
The villa, which was earlier estimated to be worth $1.2 million, is a foreclosed property that is now owned by the CDA.
“It’s still open for day to day operations, but we will soon put it up for auction. We’re just finalizing things,” said board chair Vincent Calvo in an interview yesterday.
CDA has been operating under CDA management since 2000.
This property is among the prime properties that have been foreclosed due to the owners’ failure to pay up loans with the agency.
As of June this year, CDA cited a total of 12 foreclosed properties worth about $2.3 million.
These include a fully furnished two-storey, four-bedroom residential house in Sinapalo, Rota, which has a market value of up to $230,000.
CDA said this property and Sunset Villa were owned by the same person or family.
Also on sale is CDA’s newly foreclosed Pacific Castle, a 10,000-square meter former entertainment facility, located across Coral Ocean Point in Koblerville, Saipan.
Pacific Castle’s original loan with CDA was worth $1.3 million but the agency said it’s market value now is between $510,000 to $638,000.
Other foreclosed properties on Saipan include an 879-square meter landlocked area in San Roque and three lots in I-Denni.
On Rota, at least three more lots are up for sale while Tinian has three foreclosed lots.
CDA said about 80 more forelosure cases are pending litigation.
The Commonwealth Development Authority has reported a delinquency rate of 60 percent on loans this year, which equates to $13.7 million.
This is owed by 131 borrowers. CDA issued loans to 216 borrowers as of June.
