BAKERSFIELD, Calif. (KGET) — The former owner of East Hills Mall got the property back through a deed in which it paid $10, according to the document filed with the Kern County Assessor-Recorder’s office.
Spokesperson Stacia Levenfeld of Save Mart Companies, Inc. said that in the original sale to Bakersfield-based City Lights, LLC, and MarkChris Investments, LLC, that if the companies defaulted they would legally have to sell back the property to Save Mart Companies, Inc. for $10.
The document says City Lights, LLC, and MarkChris Investments, LLC, sold the property back to Modesto-based Save Mart Companies, Inc. — explaining why the planned public auction of the property was canceled earlier this week after four postponements.
Earlier this year, the Bakersfield developers were issued a notice of default then the mall went up for auction. The developers had stopped payments on a $7.5 million redevelopment project of the property.
“Save Mart just received the property back earlier this week and we are currently evaluating all of our options with regards to it,” said Levenfeld.