HILO — A judge has ruled the former owners of the Waiakea Village still owe the bank that foreclosed on it more than $1 million after it was bought back at auction. HILO — A judge has ruled the former
HILO — A judge has ruled the former owners of the Waiakea Village still owe the bank that foreclosed on it more than $1 million after it was bought back at auction.
According to a Dec. 14 judgment by Hilo Circuit Judge Greg Nakamura, Waiakea Waterfront LLC and Hooulu LLC, both owned by Vernon and Noenoe Lindsey of Maui, owe the California-based Owens Mortgage Investment Fund almost $1.03 million.
Owens was the sole bidder in a foreclosure auction in May, buying the troubled property that once was a Sheraton resort for $1.497 million.
The court found that as of July 30, the Lindseys owed more than $2.32 million.
The Lindseys purchased the 5.5-acre commercial complex for $3 million in 2010, according to county tax records, and renamed it Waiakea Waterfront.
Waiakea Waterfront LLC unsuccessfully filed for Chapter 7 bankruptcy in March.
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