Bank gives Holbrooke owners 1 more week to sell |

Bank gives Holbrooke owners 1 more week to sell

An auction planned for today of Grass Valley’s historic Holbrooke Hotel will be postponed to next week, bank officials said Wednesday.

The auction is scheduled for 12:30 p.m. Wednesday, Sept. 15, on the steps of the Nevada County Superior Courthouse.

Owners of the downtown landmark are in default of a $1.2 million mortgage with the bank.

Citizens Bank officials already postponed an Aug. 23 auction of the property to allow a potential buyer to close a deal for the hotel. Thursday’s auction was postponed for the same reason, said Citizens’ Executive Vice President Phil Campbell.

“We postponed it one week, not three or four months,” Campbell said. “We want to make sure the sale is proceeding in good faith.”

Whether the sale will close by next week isn’t known, said Holbrooke co-owner Jim O’Brien.

The news comes after the city of Grass Valley filed two liens against the property last week for unpaid taxes and water bills. Hotel owners paid the water bill last week.

To contact Staff Writer Kyle Magin, e-mail or call (530) 477-4239.

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