TheTimesTribune.com, Corbin, KY

Local News

March 24, 2014

Mountain View Lodge sold at auction

CORBIN — By Jeff Noble / Staff Writer

Whitaker Bank is the new owner of the property known as Mountain View Lodge.

The bank, which was the plaintiff in a civil action suit in Whitley Circuit Court, was the highest and best bidder during a public auction held last Monday by Master Commissioner Howard O. Mann at the Whitley County Courthouse in Williamsburg.

The motel property was sold at a price of $600,001.

Records from the Master Commissioner’s Sale indicated since Whitaker Bank was the party to receive the judgement in the action, they were not required to make a down payment and post a bond, but would be given credit against its judgement.

Mann’s report of the sale was filed Thursday in Whitley Circuit Court. Circuit Court Clerk Gary W. Barton noted any party may serve written objection to the report within 10 days after the date of service of the notice.

Court records on March 13 and filed the next day that the property was appraised for $900,000.

The sale of the motel was the result of a Judgement and Order entered by Whitley Circuit Court on Feb. 3. Later that month, on Feb. 25, the Commissioner’s Sale notice was announced by Mann.

The judgement ruled against the defendants in the case, Mountain View Lodge, LLC, Theresa Kranz, Albert Earl Kranz, Douglas Miller and Patricia Miller.

The sum of the judgement was $584,566.25 as of Jan. 15, plus interest at the rate of 6.5 percent per annum until the date of Judgement and thereafter at the maximum judgement rate until paid, with a per diem (for each day) of $90.28.

The property was acquired by Mountain View Lodge, LLC by a deed from Corbin Hospitality Group, Inc. on May 31, 2007. The transaction was recorded on July 23, 2007.

The Commissioner’s Sale came from the February ruling in the case in Whitley Circuit Court that involved the plaintiff, Jimmy Vance, doing business as Vanbar Outdoor Advertising, versus the defendants, Mountain View Lodge, LLC, Whitaker Bank; and the Commonwealth of Kentucky. The case also named Whitaker Bank, Inc. as the plaintiff vs. Theresa Kranz, Albert Earl Kranz, Douglas Miller and Patricia Miller all as defendants.

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