The long-abandoned castle-shaped hotel across the Francisco C. Ada\/Saipan International Airport was sold for $820,000 during a public auction yesterday. <\/p>\n
Tim Goodwin, of Pacific Rim International, a company that handled the auction, told Saipan Tribune that there were 16 people and multiple bidders at the auction held at attorney Joshua Berger\u2019s office. <\/p>\n
Goodwin said a \u201cChinese gentleman\u201d from the U.S. mainland, who is interested in investing in the CNMI, won the bidding in his personal capacity.<\/p>\n
Goodwin said the second highest bidder was another Chinese businessman, and the third highest was Dr. Gene Eagle-Oden. <\/p>\n
The auctioner said the bidding started at $500,000 and increased at a minimum of $10,000.<\/p>\n
He said the next step is for Berger to submit before Superior Court Associate Judge Joseph N. Camacho for approval of the sale.<\/p>\n
Berger is counsel for Seong Jeo Cho, who obtained a default judgment against defendants Hae Hyun Park, Han Sang Eok, Moon Yoo Suk, An Jong Ho, and Philip S. Berg Co. Ltd.<\/p>\n
Berger moved for the judicial auction of the Hotel Palace Building, a seven-story building with a rooftop pool and 70 rooms.<\/p>\n
Last May, Superior Court Associate Judge David A. Wiseman issued a judgment in favor of attorney Michael Dotts\u2019 client, Dae Dong Corp., against the same defendants in the total amount of $93,500.<\/p>\n
Wiseman said Dae Dong Corp. and defendants entered into a contract on April 1, 2007, to coordinate maintenance of the Hotel Palace Building project.<\/p>\n
In September 2011, the property was assigned to Philip S. Berg Co. Ltd., a related company to the other defendants.<\/p>\n
The defendants, however, failed to pay Dae Dong Corp. <\/p>\n
Dotts told Saipan Tribune yesterday that the $820,000 winning bid is sufficient to take care of the judgments.<\/p>\n
\u201cSo my client is happy. Now we can all hope that the hotel will finally be finished,\u201d Dotts said.<\/p>\n
In March 2013, PDI Capital Group Korea held a groundbreaking ceremony for the completion of the hotel. <\/p>\n","protected":false},"excerpt":{"rendered":"
The long-abandoned castle-shaped hotel across the Francisco C. Ada\/Saipan International Airport was sold for $820,000…<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[900,4],"tags":[46,26,67,38],"class_list":["post-39818","post","type-post","status-publish","format-standard","hentry","category-featured","category-local-news","tag-ceremony","tag-cnmi","tag-people","tag-saipan-tribune"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/39818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=39818"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/39818\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=39818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=39818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=39818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}