Newburgh Mall Sells On The Auction Block For $10

After a two and half year foreclosure, the once bustling Newburgh Mall sold on the auction block to a trust holding a mortgage, for ten dollars. Well, the 10 dollar price tag is more a formality, as the total owed on the mall property is closer to $39 million. A creditor will now take control of the property.

From the Record Online 

Wells Fargo, N.A., brought the foreclosure action and the auction in its role as a trustee for investors in GMAC Commercial Mortgage Securities Inc., which hold the mall’s mortgage.

As of now, there are no plans what to do with the property.

Read more HERE at the recordonline