Foreclosure of Legacy Park in Mesa, Arizona

One of the most beloved and visited parks in the city of Mesa, Arizona, Legacy Park, is about to change owners as it appears to be on the verge of bankruptcy. The 320-acre sports complex has attracted the interest of many companies, including at least 18 construction firms with unpaid liens that today exceed $30 million, according to some sources.

The court has approved the sale proceedings of Legacy Park, and interested buyers must submit their bids by September 28 of this year to be evaluated by a legal team. Since several qualified bidders are expected to emerge for the purchase, an auction will be held on October 5 at 10:00 a.m. in a bankruptcy court in the neighboring city of Phoenix.

This foreclosure process has moved quickly due to a shortage of funds to sustain the park, as UMB Bank, which committed $9 million to keep it operational, is expected to exhaust its resources by the end of October, and hopes for new financial backing from bondholders seem quite slim.

Furthermore, the urgency also lies in the fact that ceasing the park’s operations before the sale could drastically reduce its market value. The sale is expected to result in a financial loss, as the highest reported sale price of the park was $185 million, while bondholders are collectively owed nearly $300 million. The final sale hearing is scheduled for October 18.

Available foreclosures:

Mesa: 25 homes available

Phoenix: 40 homes available.

By Elias DaSilva | September 20, 2024.