What was going to be a high-end development of custom-built homes in the Rockrimmon area sold back to the lender at foreclosure auction Wednesday.
Pueblo Bank and Trust Company won 48 vacant lots with its initial bit of $4.34 million and declared a loss of more than $3.33 million, according to El Paso County Trustee’s records.
Crown Hill at Rockrimmon boasted large 8,800-square-foot lots bordered by the Village Center strip mall, Eagleview Middle School and Ute Valley Park.
Lots were listed as recently as Feb. 26, 2010 at just under $160,000 on the ReMax Properties web site.
In late 2009 only one home existed on 20 acres of land platted for a whole neighborhood. Earth improvements to increase stability in an area known for landslides and underground coalmining, along with streets and infrastructure have been in and ready for new homes for years.
Developer Charles Helenberg said in 2009 that building was slow because potential buyers couldn’t get construction loans.
Crown Hill Limited Liability Group borrowed a little more than $7 million on the property at a 9.75 percent variable interest rate in October of 2007, according to Trustee records. Pueblo Bank and Trust filed for foreclosure in April of this year and the property went to auction on the first scheduled day.
No one bid against the lien holder, Pueblo Bank and Trust, on the property.