Office of School & Lands getting ready to foreclose on buyer of Star Academy

Pat Powers

Uh oh.

Ryan Brunner, Commissioner of School and Lands is getting ready to foreclose on the buyer of Star Academy because the purchaser is not making the payments that are due:

The contract then required annual payments of $115,801.21 each May 1, beginning this year. The company missed the first annual payment this past May, which triggered a three-month grace period dictated by state law, according to Ryan Brunner, commissioner of the state’s Office of School and Public Lands.

and…

If the company’s payment does not arrive by 5 p.m. today, Brunner said, he will file repossession paperwork Friday at the Custer County Courthouse and the state will take possession of the property.

Read the entire story here.

Having been a real estate agent until I put my license on hold in January, I could have told anyone that contract for deed is less than ideal.

And it looks like this facility might be going back on the state’s books. In 3… 2…. 1….

UPDATE – just in the nick of time…

https://rapidcityjournal.com/news/local/last-minute-check-delivery-staves-of-repossession-of-former-star/article_08cc8861-b8d4-577e-92c4-10ac05d94598.html

Looks like they have a years’ reprieve.

2 thoughts on “Office of School & Lands getting ready to foreclose on buyer of Star Academy”

    1. A good idea. What is the current condition of it? If no payments were made, I assume everything is still in place(?)

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