BSR Bid $3.8M – But Does Not Sell...
Last updated 6/18/2019 at 2:23pm
After being put up for auction May 21, the Borrego Springs Resort has not been sold.
The auction began 9 a.m. May 21 with the starting bid set at $1.5 million.
At 12:45 p.m. May 23, the auction closed, and the final bid was $3.8 million, but it was not enough to buy the property, not meeting the minimum reserve price of the seller. The reserve price has not been released to the public. However, the seller may reach out to the first and second place finishers of the auction, who are able to negotiate with the sellers. It is unknown at this time who those bidders are.
It is still unclear as to why the owners Maiser Aboneaaj and J.C. Bambach of S & A Industries Inc. are selling the Borrego Springs Resort. They purchased the Resort in 2016 for $2.95 million, under the name Borrego Nazareth LLC.The owners could not be reached for comment before this issue went to press.
The Borrego Sun will provide an update in the coming issues.