Leelanau Hills: A Steal of a Deal
The Ticker from the Traverse City Business News has a feature on the Leelanau Hills development that explains how contractor Bob Mitchell of Bob Mitchell & Associates of Kingsley became the new owner of Leelanau Hills in the the BayView development in Suttons Bay. He wasn’t getting paid:
So Mitchell took legal recourse and sued developer Marcus Yono of Brighton for the $82,000 due to him. Imagine his surprise when no one bothered to show at the sheriff’s sale, leaving him the owner of the 45-acre development.
…According to Kit Wilson, the Suttons Bay Township Assessor, the property’s SEV is $3,196,970, resulting in a true value of $6,393,940. Quite a buy for that $82,000 lien.
Mitchell intends to have units at the development available for sale by next June or sooner.