Wells Fargo puts in bid for mall

Published 12:00 am Friday, March 18, 2011

By Shavonne Potts
Wells Fargo Bank has made a bid in 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 Mondayís auction ó by next 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 Courtís Office this week.
If no one bids higher than Wells Fargo, the sale will be closed and the deed will be transferred to the bank, Donaldson said by phone.
The auction was postponed three times ó in December, January and February ó at the request of Donaldson on behalf of the holder, court documents said.
The mall went into foreclosure Nov. 9 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.
Samco Properties, which the Spiegels founded, had not made a loan payment since July 2009. Samco is a commercial real estate company that bought the mall in 2003.
The loan originated through Column Financial Inc., a subsidiary of Credit Suisse Co., based in New York.
In North Carolina, Samco owns Marketplace Mall in Winston-Salem, Westgate Plaza in Durham and Forest Ridge Shopping Center in Asheville, according to the company website said.
The mall remains open for business.
A phone call to the mall manager was not returned.
Contact Shavonne Potts at 704-797-4253.