Mansion of Crown Hydro Owner Sold After Foreclosure
Friday, August 26, 2011 at 1:42PMAs reported in Finance & Commerce:
The home, which went into foreclosure late last year, sold for a little more than $4 million on July 28 to another businessman, Blake Rice, according to a Certificate of Real Estate Value filed last week in Hennepin County. Wells Fargo Bank is listed as the seller.
The sale was complicated because Hawks owns Crown Hydro, a company with plans for an $11 million hydro power plant along the Mississippi River, above St. Anthony Falls. The company worked for more than a decade with a succession of Minneapolis Park and Recreation Boards without winning the lease needed for the plant.
The Hawks had a $3 million mortgage with Wells Fargo, but with the business stalled, Hawk’s Nest went into foreclosure. Hawks had until May 9 to redeem it and even won an extension from the bank. In late May, however, the park board and Crown Hydro broke off their talks.
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