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Jul. 12—After sitting out the last two bidding cycles, Micheaux Resource Management, a Monroe company with Frankie Wood as the signee on the bid, put in the most recent upset bid to purchase the building formerly occupied by Elevated Mountain Distilling.
First Citizens Bank is foreclosing on the property and submitted an initial bid of $364,450, an amount close to the price of the property in 2016 when the original owner David Angel purchased it.
The foreclosure process allows interested buyers to pledge an amount they are willing to pay for the property, and each new bid must increase by a minimum of 5%. The bid is good for 10 days unless another bidder starts the clock over again by submitting another bid.
If any bid should stand beyond a 10-day period, the final bidder can close the deal.
Micheaux Resource's bid on June 7 was for $422,357.
Meanwhile, Kenneth Wells of Maggie Valley and Mark Cahill of Florida drove the bid up from Micheaux's $422,357 to $546,980, a bid submitted by Wells on June 28.
The last Micheaux bid of $600,000 is more than $25,000 above the 5% minimum bid. Micheaux Resource Management is working with Angel on the property acquisition. If they are successful, Angel said he will be involved in the operations going forward, but not as an owner. The company name will change, as well.
The property is located at 3732 Soco Road in Maggie Valley and includes only the building. First Citizens Bank & Trust filed a civil action against Elevated Mountain Management Group, LLC, Elevated Mountain Distilling Company, LLC and Angel to collect an outstanding balance of nearly $1.2 million.