Anthony Schnelling, who was appointed trustee of the property by a federal bankruptcy court, says former owner Thomas Flatley closed escrow on the deal last week after giving up his option to match the winning bid.. The 6.5-acre parcel is part of the resort's English Village, a retail complex that has remained largely vacant in recent years.
The resort, one of Lake Havasu's biggest tourist draws, has been in Chapter 11 bankruptcy since 2001 when Schnelling filed a $30-million court case alleging that Flatley and his associates schemed to keep assets beyond the reach of creditors. The auction of the retail parcel was part of a court-ordered settlement agreement.
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