No bids were made during a public auction for two properties that together make up the Loleta Cheese Factory.
A crowd of around 20 people gathered around agents of Fidelity National Title who were charged with auctioning the two properties. Included in the crowd was First District Supervisor Rex Bohn and the county’s economic development director Scott Adair.
The bidding on one property started at $31,940.84; the other was priced at $445,192.71. No bids were placed.
Both “reverted back to the beneficiary,” one of the agents said, who declined to provide her name.
Umpqua Bank said in a statement Thursday that foreclosure on the property was “a last resort” after years of working with the property owners.
The owners of the Loleta Cheese Factory were not at the auction.
Bob Laffranchi talked to the Times-Standard earlier this morning. Sitting at one of the tables in the Queso Kings grilled cheese bar, he repeated his thanks.
“We’ve been very blessed with a wonderful staff,” he said. “Thank you to everyone who has come to Loleta Cheese, especially this week.”
While the property no longer belongs to Laffranchi, the equipment inside does. Laffranchi previously told the Times-Standard that the bank raised interest rates on a loan the cheese factory took out. When the interest rates went up, the monthly payments nearly doubled from around $4,400 per month to nearly $8,000 per month which created financial hardship.
Watch this space for updates. Got a tip? Let us know at [email protected] or at 707-441-0500.
