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Bonanza of a sale at Ponderosa
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Atty. Gary J Rosati explains why the main section of Ponderosa Park wasn’t sold at a sheriff ’s sale Tuesday. One section of the former country-music park sold for $700,000, nearly five times its appraised value.
By Karl Henkel
YOUNGSTOWN
Only one portion of Ponderosa Park in Goshen sold at a sheriff’s sale Tuesday afternoon, but it fetched more than anticipated.
A 68.37-acre section of the park at 11471 W. Western Reserve Road sold for $700,000, nearly five times more than the appraised value of $144,000.
The high bidder was the mortgage holder, represented by Atty. Leo Puhalla, who outdueled another bidder who declined to give his name or to comment.
Puhalla declined to comment on the intentions for the park property other than to say all options will be evaluated.
It was suspected, but not disclosed by Mahoning County, that the mortgage holder will receive the mineral rights to the property, which would mean it could then lease to an oil and gas company for energy exploration.
In the United States, property ownership and mineral rights are not permanently tethered.
The park is owned by California-based Ponderosa Park Resort Inc.
That portion of the park has an occupied caretaker’s house and has $97,420 in unpaid taxes.
Jim Berry, 58, who lives in the home, was a bit shocked that the parcel sold for $700,000. Tuesday’s sheriff’s sale was an attempt to recover $533,852 in unpaid real- estate taxes, interest and penalties.
“I was sitting there in amazement that it went for that much,” said Berry, who has lived in the house since 2009.
He isn’t sure whether the mortgage holder will ask him to leave the house.
The 45.45-acre front section of the park at 9362 state Route 45 was scheduled to be sold at the sale Tuesday afternoon, but was pulled by Gary J. Rosati, the county’s foreclosure lawyer, because the legal description for the property was “not adequate.”
The county hopes to put the property up for sale in May, following the release of another legal description.
That portion of the park contains the dilapidated concert pavilion that seated up to 3,800 people, the Red Garter Saloon and a building containing a guitar-shaped swimming pool.
Its minimum bid was slated to be $150,000. The unpaid tax bill is $436,432.
During the 1990s, Ponderosa Park drew legendary performers, such as Willie Nelson, Merle Haggard, Faith Hill, Waylon Jennings, Johnny Cash and June Carter Cash, for its summer concert lineup.