Wall Property Auction Completed – lender’s initial bid for $1 million wins, property ownership still in dispute.

Posted on August 15, 2023 by preservefairfax
That’s correct – only $1 million was the winning “auction” amount for 99 acres of hilltop Marin property.  It goes without saying that this is a very reasonable number. If anyone knows an organization or individual / philanthropy group who can step up to preserve this property, now is the time.
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From commenter Neil M (also posted on Nextdoor – https://nextdoor.com/p/8JqLKRXhYgLT/):

“Wall Property auction – it happened yesterday after numerous delays. There were about 10 people there at San Rafael City Hall’s front steps for the event.
I’ve attached a photo of the first page of the notification that someone placed on the Wall Property a number of months ago. It was pretty confusing but after talking with several other attendees, they explained that the auction was a required legal step for the lenders to take the property from the borrower. They had to put it out to auction to see if any other party would value it higher than the lenders did. Presumably whatever sale value would be applied to the balance of the loan owing by the borrower.
The auction was conducted by a third party firm called MK Consultants. The lenders (who were not physically present but represented by MK Consultants) put an initial bid of $1,000,000. There were no other bids made so the auctioneer declared the sale completed with the lenders being the prevailing party with that bid. It’s not clear what comes next for the property but I would assume that the lenders aren’t really in the business of holding undeveloped real estate and will probably seek to sell it somehow. I didn’t catch the name of the lenders but presumably anyone could call these MK Consultants and ask them.”
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I contacted Marshal Rothman and he confirmed this, but thinks this will be overturned in court as he is suing the lender, so there will be more to come. Please feel free to comment and share any updates.  As always, if you know of an organization or philanthropist who can help us finally secure and preserve this property, please let me know at fairfaxwallproperty@gmail.com or 415.377.9477.  Thank you for any help you can provide.
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