Tuesday, June 30, 2009

Clermont Hotel foreclosure one week away

Posted By on Tue, Jun 30, 2009 at 4:29 PM

click to enlarge Blondie sez: Check out the updated CL article
  • Blondie sez: Check out the updated CL article

Got a few million to spare — in cash? Then you could be Blondie's new landlord!

Next Tuesday, the Clermont Hotel and four other chunks of real estate owned by the troubled Inman Park Properties are scheduled to be auctioned off on the courthouse steps. John Mansour, a local lawyer representing Fairway Capital, the New York-based lender that's foreclosing on the Clermont, told the AJC early last week that his client was negotiating with IPP founder Jeff Notrica. On Friday, however, Mansour told CL he didn't have an update.

Based on recent experience, the outlook isn't good. In fact, it's pretty dismal.

Last week, I called Danny Glusman, sales manager for Inman Park Properties, in an effort to confirm which of the company's many parcels in foreclosure had ended up back in the lenders' hands. I picked addresses at random from a long list I'd compiled by searching through public foreclosure notices, but Glusman was able to indentify only one — the old Hilan Theatre in Virginia-Highland —that had been spared from foreclosure by a last-minute deal with the lender.

The list of properties Notrica has apparently lost to foreclosure predictably includes a number of empty buildings and vacant lots. But it also includes several leased properties that were — or should have been — generating revenue, including the Clermont. Others include the Inserection store and offices on Cheshire Bridge Road; the former Trust Company Bank building on Monroe Drive that once housed Piebar and is now home to Eros Tapas Bar; and the building on Ponce de Leon occupied by the famed Eagle leather bar.

I do want to correct one item from the article about Inman Park Properties that will appear in Wednesday's paper and can already be found online in expanded and updated form. The former C&S Bank branch on Moreland — which I described as having a "modernistic design (that) hints at what might result if the High Museum mated with a giant spider" — has apparently not already gone through foreclosure, as I indicated. Instead, its foreclosure was rescheduled for next Tuesday.

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