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Mortage Lender Takes Back Nevele Grand Resort Property For $3.5 Million

A classic TV commercial for the Nevele from the 1980s.
A classic TV commercial for the Nevele from the 1980s. Video Credit: commercialclassic

The mortgage lender that put up the historic Nevele Grand Resort for auction has taken back the property for several million dollars.

Mortgage lender iStar takes back the property for $3.5 million after being the only bidder at an auction for the land that was held on Friday. It had initially been put up for sale in November with an asking price more than double what iStar paid.

According to the Times Herald-Record , Ulster County state Supreme Court Justice James Gilpatric issued a summary judgment in favor of iStar foreclosing on the Nevele and ordering it sold at an auction, which was originally scheduled for August, but was moved to Friday.

Developers had grand plans for a $313 million sports complex, complete with hotel accommodations, though the status of that financing is not clear.

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