On the fence blocking off a construction zone near Park City, four laminated sheets of paper hang outside the unfinished condo-hotel known as The Ascent.
The notice declares that the property, which is part of the Hilton’s Tapestry collection, is up for auction on July 22 after the developer went into default on a $30 million loan.
There is no started bid listed, nor is there a price mentioned in county records, but similar auctions included the total amount of the loan, unpaid interest, late fees, attorney fees, foreclosure costs and anything the lender paid on the borrower’s behalf.
Years since first breaking ground and taking condo deposits, the condos still aren’t complete and would-be residents of the space are worried about their deposits. The owners owe nearly $200,000 in property taxes on the development, while contractors are claiming more than $14 million in unpaid invoices.
Read the full article by Megan Banta at sltrib.com.
This article is published through the Utah News Collaborative, a partnership of news organizations in Utah that aims to inform readers across the state.