A trustee's sale of a West Spokane motel and trailer park is slated for July 31, to satisfy a defaulted loan, interests, and fees totaling $829,000.
The property is comprised of five parcels on about three acres, on which the Sunset Inn and the El Rancho Motel & Trailer Park are located, at 3000 W. Sunset Boulevard.
The property owner, George J. Nossek, had until July 20 to pay the debt, which includes a balloon payment of $594,000, in addition to more than $230,000 in interest and fees, to prevent the trustee's sale, says trustee Michael Staub, a Spokane attorney. Staub says the sale is expected to proceed as scheduled. Nossek could not be reached for comment. The beneficiary of the sale is Genesis Financial Inc., of Spokane Valley.
Separately, Nossek is in litigation with the parties involved in his purchase of that real estate in 2004, claiming that because he was misled by the seller, he couldn't proceed with his plans to develop 300 additional hotel units at the site. Nossek's Spokane attorney in that matter, Steve Schneider, says the foreclosure is unrelated to the litigation and declines to comment on either case.