A Thursday auction of Grass Valley's historic Holbrooke Hotel will be postponed at least one week, officials at the bank said Wednesday.

Owners of the landmark are in financial trouble and in default of a $1.2 million mortgage with the bank. Citizen's officials already postponed an Aug. 23 auction of the property in order to allow a potential buyer to close a deal for the hotel. Thursday's auction was postponed for the same reason, said Citizen's Executive Vice President Phil Campbell.

The news comes after the City of Grass Valley filed two liens against the property last week for unpaid taxes and water bills.

For more on this story, check out Thursday's print edition of The Union.