The historic Oxbow Saloon in Payson is going on the auction block July 31.
The auction is set for 11 a.m. July 31 at the front entrance to the Gila County Courthouse, 1400 E. Ash St. in Globe. However, one of current owners, Mike Robinson, is negotiating to buy out the other owners.
"The lenders are just positioning to cover themselves, in case I'm not successful," Robinson said. He hopes to know the outcome of his negotiations by the end of May.
All of the property at 607 W. Main in Payson, along with the building, will be auctioned if the buyout does not go through.
Arizona state law requires any potential bidder to present a $10,000 deposit, in the form of a cashier's check, at the time and place set for the auction.
Scottsdale attorney Rex C. Anderson is acting as the trustee for the beneficiary of the auction, MGF Funding, Inc. of Mesa.
"This is a non-judicial foreclosure process," Anderson said. "It doesn't involve a judge or the court.
"It is the most common foreclosure method."
He said the bid amount expected by the beneficiary will not be posted until a week or two before the actual auction. The original principal balance loaned for the property was $500,000.
The original trustors are Robert Herrera, Laura Cleland, Richard Campbell, Dennis Brack and Linda Brack, according to the legal notice published by Anderson in the Payson Roundup today. Robinson was not listed in the legal.
To find out more about the auction, call Anderson's office at (888) 675-7809 or visit www.rcalaw-az.com.
None of the original trustors could be reached for comment by press time.