10-day upset bid date now March 8
Two companies are currently in a bidding war to purchase White Oak Golf & Equestrian Community, which is in foreclosure.
So far Tryon Equestrian Properties LLC and Overmountain Trace Holdings LLC have submitted two bids each.
Overmountain Trace Holdings submitted the latest bid for the 941-acre subdivision on Feb. 27 in the amount of $4,725,000.
The bidding began at an auction held at the Polk County Courthouse on Feb. 1, when Roger Smith, representing Tryon Equestrian Properties LLC, made the sole bid of $3,675,130.34.
During the initial 10-day upset bid process, Overmountain Trace Holdings placed an upset bid for $3,858,88.86, which was followed by an upset bid from Tryon Equestrian Properties on Feb. 17 for $4,500,000.
The current bid of $4,725,000 held by Overmountain Trace Holdings is the highest so far. The 10-day upset bid process has been extended until March 8 at 5 p.m.
All bids made so far on the property have been the minimums needed. The next upset bid will have to be a minimum of $4,961,250 with a minimum deposit of $248,068 or five percent of the bid.
Attorney William A. McFarland Jr. of Tryon is representing Tryon Equestrian Properties and attorney Lora T. Baker of Columbus is representing Overmountain Trace Holdings.
Overmountain Trace Holdings was formed as a limited liability company with an effective date of Feb. 8, 2012, according to the N.C. Department of the Secretary of State.
Baker is listed as Overmountain Trace Holdings’ principal officer and Feagan Law Firm at 60 Walker Street, Suite F, Columbus is listed as the address.
White Oak Development Partners is listed on bid documents at the courthouse as the mortgagors/grantors with Tryon Equestrian Properties listed as the mortgagee/secured party.
Also listed on bid documents is Stratford Realty Capital L.P. as the holder of security interest.