Sign in Subscribe
Financial services

Desert Hot Springs Seeks to Resolve Bankruptcy Through Auction

Strategic Insights

— 1 min read

The City of Desert Hot Springs has selected California-based Tranzon Asset Strategies to conduct an auction of 26 parcels of land and excess facilities equipment to help resolve its bankruptcy issues. The auction, scheduled for March 20th at 12:00 p.m., will offer 26 residential and commercial real estate lots for sale, with on-line bidding available for potential purchasers who cannot attend the live auction. Despite being in bankruptcy, the city is optimistic about its future, citing growth in new construction, tourism, and retail development in the area.

Key Takeaways:

  • The City of Desert Hot Springs has selected Tranzon Asset Strategies to conduct an auction of 26 parcels of land and excess facilities equipment to help resolve its bankruptcy issues.
  • The auction will offer 26 residential and commercial real estate lots for sale, with on-line bidding available for potential purchasers who cannot attend the live auction.
  • The city filed for bankruptcy in 2001 as a result of a 10-year-old lawsuit by a developer.
  • Despite being in bankruptcy, the city is optimistic about its future, citing growth in new construction, tourism, and retail development in the area.
  • New construction growth in Desert Hot Springs is estimated to have increased by 250% from last year, with retail giants Wal-Mart and Target currently under construction.
  • An increase in tourism is also fueling the economic upswing, helped by the Coachella Valley's five Indian casinos and plans to renovate the Palm Springs Convention Center.
  • Tranzon, LLC is a nationwide auction and accelerated marketing firm with 11 member companies and 22 offices coast-to-coast.

Statistics:

  • 26 parcels of land and excess facilities equipment will be auctioned off to help resolve the city's bankruptcy issues.
  • 26 residential and commercial real estate lots will be offered for sale at the auction.
  • The area has seen a 250% increase in new construction growth from last year.
  • Retail giants Wal-Mart and Target are currently under construction in the area.
  • The city has filed for bankruptcy in 2001, with a 10-year-old lawsuit by a developer as the reason.
  • The auction is scheduled for March 20th at 12:00 p.m.

Sources:

  • PRNewswire, "Desert Hot Springs Selects Tranzon to Conduct Auction to Resolve Bankruptcy Issues"
  • http://www.tranzon.com/
  • Contact: Tiffeny Cook, tcook@tranzon.com, +1-949-727-9011
  • Contact: Liz Chuday, lchuday@tranzon.com, +1-410-464-1100

Read more