Football Hall of Famer prepares to foreclose on developer’s home
May 15, 2009
A firm led by Hall of Fame quarterback Steve Young plans to foreclose on a house in Park Meadows and put it up for auction next month, determining that the owner defaulted on the payments starting in the middle of 2008.
Young is the principal in a firm called Split Timber Holdings, which provided financing on the sale of the house, 23 Sandstone Cove, from Split Timber to the husband and wife purchasers, according to an attorney representing Split Timber. The husband and wife, Lee Hindin and Karen Hindin, later defaulted on the payments to the firm on the financing, said Steven Ingleby, the attorney for Young’s side.
Ingleby said the financing was for $5.5 million. The Hindins owe the full amount plus interest, late fees and other costs, Ingleby said. A notice of default was filed in September, according to Summit County records. Split Timber gave them time after that to make the delinquent payments, but they did not do so by March, Ingleby said.
The notice indicated that monthly payments of $32,084 in July, August and September were not made.
In a prepared statement provided by Ingleby, Young said he is "deeply troubled and saddened at the turn of events this transaction has now taken" and he hopes for a resolution.
"I entered the transaction in good faith and in reliance on the intent of the buyers to meet their contractual obligations and pay off the loan. It was never my intention to end up in a public dispute over the deal, but the buyers have failed to make the payments required to be made under the loan since last July," Young said in the statement.
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A foreclosure auction is scheduled June 11 at the Summit County Justice Center. The house will be sold to the highest bidder. Bidders must be ready to provide a $10,000 cashier’s check at the auction and be able to certify the remainder of the price within 48 hours.
The Summit County Assessor’s Office values the 10,663-square-foot house and the property it is on at just more than $6.1 million. Property taxes are estimated at $26,063.87. The county Treasurer’s Office said Hindin is delinquent on paying 2008 and 2007 property taxes on the house, with the money owed to Summit County totaling $52,162.74.
Lee Hindin is a co-founder of a development firm involved with Dakota Mountain Lodge at The Canyons. The lodge is scheduled to open this summer.
Court Klekas, the listing real estate agent for the Dakota, said the dispute about the house in Park Meadows does not encompass the lodge.
"As far as Dakota goes, financing and schedule-wise, everything’s great," Klekas said.
Hindin said 94 of the 104 available units at the Dakota have been sold.
Young was a Super Bowl-winning quarterback for the San Francisco 49ers. He played college football at Brigham Young University.
In an interview, Hindin said he is confident the house will not be foreclosed upon. He said he and his wife have the financial means to make the payments on the financing from Young’s firm. After closing on the house, the Hindins discovered problems and withheld payment, he said. They never moved in, according to Hindin.
"That is one side of the story," Hindin said about the move toward a foreclosure. "There is a much larger property claim here."