By Shavonne Potts
spotts@salisburypost.com
SALISBURY, N.C. — Wells Fargo Bank has made a bid on the foreclosure sale of Salisbury Mall.
The bank, which acts as trustee for the registered loan holders of Credit Suisse First Boston Mortgage Securities Corp., bid more than $10.3 million on Monday.
An upset bid of 5 percent more than the bank bid can be made within 10 days of the March 14 auction — by Thursday.
The minimum amount of the next upset bid must be more than $10.8 million with a deposit of $543,375 required to upset the bid.
Mooresville Attorney Kevin Donaldson, who is the substitute trustee, filed the paperwork with the Rowan County Clerk of Court’s Office this week.
If no one happens to bid higher than Wells Fargo, the sale will be closed and the deed will be transferred to the bank, Donaldson said by phone.
Three times the auction was postponed — in December, January and February —at the request of Donaldson on behalf of the holder, court documents said.
The mall went into foreclosure Nov. 9, 2010, after Salisbury Mall Associates LLC, owned by Sam Spiegel and his wife Simone, of Deerfield, Fla., defaulted on the loan. The Spiegels owe $19.7 million on the note.
The loan originated through Column Financial Inc., a Credit Suisse Co., based in New York.
The mall remains open for business.
See Saturday’s Post for further details.
Contact Shavonne Potts at 704-797-4253.