The Ranch has been listed for $1,874,500. In July, Mr. Maney asked the Court to stay this case, which would put the case on hold, until the criminal case is finished. Prior to the hearing, the Court issued a tentative ruling approving the sale. However, the Court did ultimately approve the Receivers proposed method and procedures for a distribution. The Ranch is listed for $1,874,500. Case Summary On 01/25/2022 PHUNG NGUYEN filed a Property - Other Property Fraud lawsuit against SILVER SADDLE RANCH CLUB, INC. Given the stay, we do not expect any material activity to occur prior to the resolution of the criminal prosecution. Deep in the Mojave Desert, there is a little town with a big name and a bizarre history: California City. Of the four purchase offers presented for the Ranch, the Receiver has accepted an offer of $1,774,500. A footnoted in the motion states that because of limited funds in the receivership estate account, the Receiver has temporarily withheld payment of his and counsel's fees and expenses in order to ensure the Receivership Estate has sufficient funds to pay ongoing Ranch expenses.. Last year, the Receiver sought the Courts permission to approve the sale of land owned by Receivership Defendant High Plains Mesa Holdings, LP, for $4,100,000. The results were as follows: 23 challenges were denied, 17 resulted in an adjustment to the claim determination amount, and 3 were accepted completely. Silver Saddle Ranch & Club | California City CA - Facebook The developer of California City, Nat Mendelsohn, built hundreds of miles of roads through the empty desert. The Court took into account the Receivers concerns and recommendations, as well as those of the other interested parties. If the DFPI is successful at trial or the parties reach a settlement, then the Receiver will seek permission from the Court to distribute the funds in the Receivership Estate to the Silver Saddle investors. Many were young couples and hard-working immigrants looking to build a better future. It had been going on for years. In July, the receiver eventually accepted an offer from Kevin Feterik, who had partnered with local businessman Leland Krelle, for $1.77 million. Because of these ongoing costs, we determined selling the Ranch is in the best interest of the Receivership Estate. Editor 4, 2022), Gordon Decl. 2023 Southern California Public Radio - All Rights Reserved, As Fentanyl Deaths Climb, Bill Would Require Drug Education In Schools, Lawmakers Want More Social Media Regulation.
