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Moon Park’s property sold in sheriff’s sale
By Kalea Hall
YOUNGSTOWN
Talmer Bank and Trust has taken ownership of an Austintown retail property through a sheriff’s sale.
The approximate three-acre vacant plaza property at 5511 Silica Road — across from Hollywood Gaming at Mahoning Valley Race Course — was formerly owned by Master Park Plaza Investment Inc., Moon S. Park’s company.
The sheriff’s sale took place Jan. 6, and the property was purchased by Talmer for the two-thirds minimum bid of $662,666.67. It is appraised at $994,000.
“At one time it was a fully occupied commercial building,” said Darren Crivelli, Austintown zoning inspector.
A martial arts business, a women’s fitness center and an ice cream shop were some of the businesses that were once part of the plaza.
“We had a lot of interest in that property,” said Jim Davis, township trustee. “It always seemed like the asking price was outrageous.”
The Mahoning County auditor’s website shows Master Park Plaza Investment obtaining the property in May 2006 from Eden Place Partnership at a cost of $1.1 million.
In October 2013, First Place Bank, now Talmer Bank, filed a complaint in foreclosure against Master Park Plaza Investment Inc. for the Silica Road property.
In May 2006, Park, of Poland, borrowed $552,500 from the bank, according to the foreclosure complaint. A mortgage was recorded on the Austintown property in May 2006.
In its complaint, the bank listed the full balance, plus interest, delinquent escrow and contractual late charges due.
As of Aug. 28, 2013, “the total balance due on the note is $1,511,600.34,” according to the complaint. More than $72,000 in taxes accumulated on the property from 2011 to 2013, according to the Mahoning County Treasurer’s office.
Austintown officials would like to see the property redeveloped, and Crivelli thinks it will happen.
“It is quite a piece of property,” Davis said.
Before the opening of Hollywood Gaming, Austintown officials asked for the property to be cleaned up — and it was.
“Moon Park cooperated and [he was] good to the community,” Davis said.
Park said he had multiple offers on the Austintown property.
“I did my best to benefit everybody,” he said. “If the bank would have accepted [another offer], I could have paid off all of my debts, but the bank rejected.”
His two other commercial properties that he still owns at 6021 Market St. and 220, 222 and 224 Boardman-Canfield Road also were listed in the sheriff’s sale for Jan. 6. But Park filed for Chapter 13 bankruptcy protection Jan. 2, causing the recall of those sales.
Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years. Filing under Chapter 13 stops most collection actions against the debtor or the debtor’s property.
Park’s estimated assets on the bankruptcy filing are below $50,000. His estimated liabilities are between $500,000 and $1 million.
The Boardman properties are listed under Park’s name (and not Master Park Investments) on the auditor’s website, the sheriff’s sale list and the Talmer Bank and Trust foreclosure complaint from March 2014.
Talmer Bank’s attorneys had no comment.
The property at 6021 Market St. was purchased in March 1999 for $67,000, according to the auditor’s website.
Park’s property at 220, 222 and 224 Boardman-Canfield Road also was purchased in March 1999 for $270,000. This location is his martial arts training center. More than $40,000 in taxes has accumulated on the properties from 2011 to 2013, according to the treasurer’s office.
“This is my whole mission — to help young people,” Park said. “I am celebrating my 30th anniversary.”
In March 1999, Park borrowed $270,000 from the bank. In the foreclosure complaint on the Boardman properties, the bank declared the full principal balance, plus interest, delinquent escrow and contractual charges immediately due. As of March 2014, the promissory note had a balance due of $91,782.34.
In October 1999, Park borrowed $600,000. As of March 2014, the note had a total balance of $396,799.35. A mortgage was recorded on the Boardman properties in March 1999. Another mortgage was recorded in October 1999.