A swath of undeveloped land along Bethany Road will stay that way after a lack of interest in a sheriff’s sale pushed it to the bank that held mortgages on the property.Rivermist is a different subdivision, with different promoters, from the Crisis of Capitalism Acres adjacent to Cold Spring Shops headquarters.
The property is comprised of 85 undeveloped lots in DeKalb’s Bridges of Rivermist subdivision. Along with 20 lots scattered throughout the subdivision, they received no bids during a sheriff’s sale Dec. 4.
A home at 447 Rutland Road in the subdivision also was up for sale at the same time, and it received two bids.
Jenny Willis, an administrator at the DeKalb County Sheriff’s Office, said the winning bid came from DeKalb lawyer Russell Burns, who paid $181,000 for the home.
According to court records, the outstanding amount on a mortgage and various court fees for the home was $151,851.
No one bid on the empty lots, Willis said. In turn, American Midwest Bank now owns the property. Bank representatives and Burns did not respond to a request for comment.
American Midwest Bank in January filed two foreclosure lawsuits against Rivermist Unit 5 LLC, local developer John Pappas, Park Ridge businessman Peter Iatredes, the Bridges of Rivermist Homeowners Association and tenants of the property located near First Street and Bethany Road in DeKalb.
In total, Rivermist Unit 5 LLC owed $735,000 in two unpaid mortgages and various court fees, according to court documents. They also owe the Bridges of Rivermist Homeowners Association more than $130,000 in unpaid dues, court filings show.
THE HOUSING MARKET, STILL FLAT.
A sheriff's sale in an upscale subdivision on the north side of DeKalb is underwhelming.