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East Hills Mall transferred back to original owner for $10

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Posted at 3:58 PM, Jun 07, 2019
and last updated 2019-06-07 19:00:51-04

BAKERSFIELD, Calif. — Despite reports of East Hills Mall re-selling for $10, Save Mart Companies who are the original owners of the property tells 23ABC that is not true.

The company says on May 28, it transferred the property back from its recent owners, City Lights LLC and Mark Chris Investments for $10 through a deed.

According to Save Mart, the deed states that Mark Chris Investments and City Lights LLC defaulted on their loan and gained unpaid interest of over $7 million dollars.

Documents obtained by 23ABC News show that Mark Chris Investments, who purchased the property last year, owe an estimated $7,752,789.55, including fines and fees accrued since defaulting on its loan in January. Mark Chris Investments, along with City Lights, LLC, bought the property from Retail Equities LLC for $8,750,000 in December of 2016.

23ABC has contacted both Mark Chris Investments and City Lights LLC and both said they are unable to speak.

In an official statement, Stacia Levenfeld with Save Mart Companies said:

“Save Mart just received the property back earlier this week and we are currently evaluating all of our options with the property.”

East Hills Mall was originally scheduled for auction on May 13 , but the auction was postponed multiple times since then.