Re: [FairfieldLife] Mystery surrounds auction buyer of NC Spiritual Center

[Sal Sunshine]

On Sep 18, 2011, at 2:52 PM, Rick Archer wrote:

> Former spiritual center sold for $10.5 million at auction
> By: Monte Mitchell
> Published: September 15, 2011
>  
> BOONE -- The 381-acre former west campus of the Spiritual Center of America 
> sold in a back-and-forth auction battle Wednesday for $10.5 million, more 
> than four times the reserve price of $2.48 million.
>  
> Marvin Salt, publisher and editor of the Cambridge Christian Press, in 
> Cleveland, was the agent representing the buyer, whom he identified as Ohio 
> International Alliance Missions Trust.

Rick, is MD still slated to come to whatever
is left over here?  If so, should make for
some interesting neighborly chats. :)

Sal 

[FairfieldLife] Mystery surrounds auction buyer of NC Spiritual Center

[Rick Archer]

SCA Auction Picture Gallery: 
http://www2.journalnow.com/list/heavenly-mountain-91411/gallery/


Former spiritual center sold for $10.5 million at auction
By: Monte Mitchell
Published: September 15, 2011
 
BOONE -- The 381-acre former west campus of the Spiritual Center of America 
sold in a back-and-forth auction battle Wednesday for $10.5 million, more than 
four times the reserve price of $2.48 million.
 
Marvin Salt, publisher and editor of the Cambridge Christian Press, in 
Cleveland, was the agent representing the buyer, whom he identified as Ohio 
International Alliance Missions Trust.
 
The trust is affiliated with One In Christ Church and Norwalk Bible College.
 
"It's now owned by a trust that has a church on the title, and our college will 
be here within the year," Salt said as he hurried off to sign documents with 
Chartwell Auctions, the Cleveland-based auction company that conducted the sale.
 
But there's still a bit of mystery as to who the winning bidder is.
 
The websites for both Cambridge Christian Press — 
www.cambridgechristianpress.com   — 
and Ohio International Alliance Mission Trust — www.ohiam.info 
  — are incomplete and apparently still being 
developed. A voicemail left at the offices of Ohio International Alliance 
Missions Trust was not returned Wednesday. Norwalk Bible College has a Facebook 
page with six "likes" and no apparent website.
 
The bidder spells his name as Marvin Salt on his business cards, but websites 
list a Dr. Marvin Sault as executive director of Ohio International Alliance 
Mission Trust. No one answered calls to the number on his business card.
 
Salt came out of a downtown Boone bank Wednesday afternoon with a thick stack 
of documents and answered a few questions as he got into his SUV.
 
The One in Christ Church is a mainstream Christian denomination, he said, like 
Methodists or the Salvation Army.
 
The Ohio International Alliance Mission Trust's core are "born-again Christians 
who are veterans," he said. He said the websites were experiencing technical 
difficulty.
 
Salt said a colleague overheard auction-goers say that they would come in and 
buy the property when Salt's bid fails. But he said his group has more than 
enough money to complete the $10.5 million purchase.
 
Salt said the Boone Area Chamber of Commerce would be issuing a news release 
late Wednesday afternoon after the auction, but later said the chamber wasn't 
prepared to do that and would issue one in the coming weeks.
 
The Spiritual Center of America complex was finished in 1998 at a cost of more 
than $40 million as a center for transcendental meditation, the Heavenly 
Mountain Transcendental Meditation complex. The complex has 17 apartment 
buildings, a large, temple-like congregational hall and a cafeteria with 
floor-to-ceiling windows that offer long-range mountain views.
 
"What a glorious property, what a glorious opportunity," said Jason Dolph, vice 
president with Chartwell's Charlotte office, as he addressed the crowd of about 
50 people as the auction was preparing to start beneath a tent set up down the 
hill from the congregational hall.
 
"Some of the most beautiful mountain views in North Carolina, maybe beyond," 
Dolph said. "We expect we'll have a great bargain here today."
 
Bidders had to have a cashier's check or wire confirmation of $105,000.
 
Chartwell's auctioneer Gordon Greene started the bidding at $3 million. It rose 
quickly from there with a number of bidders raising hands.
 
But as the bidding climbed above $7 million, the auction became a 
back-and-forth contest between Salt, who was bidder 1694 on the front row, and 
another man, bidder 1695, near the back.
 
They went back and forth with more than a dozen bids before Greene gaveled the 
property "sold" at $9.2 million, apparently not noticing that Salt had his hand 
up.
 
People called out "No!" and pointed at Salt. A woman said, "His hand was up the 
whole time."
 
The bidding resumed, with the two bidders going back and forth.
 
"I have not touched my reserve yet, I can say that," Salt said, at $10.1 
million.
 
Bill Nice, a Chartwell principal working as an auction helper stationed near 
the back of the tent, urged bidder 1695 to keep going.
 
"Get it for $10(0,000)," Nice said. "It's so close."
 
Bidder 1695 raised his hand again, topping out at $10.2 million, then shaking 
his head "no" as they asked for more. He declined to give his name after the 
auction but said he was with a group from Charlotte.
 
The winning bidder also had to pay a buyer's premium of 7.5 percent, or 
$787,500.
 
The sale must close by Oct. 26, according to the terms of the auction.
 
mmitch...@wsjournal.com (336) 667-5691

 

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