Going once…going twice…no sale!
That’s what’s happened with the former Holy Family Orphanage in Marquette.
The lender that foreclosed on it has to take it over.
In 2005, Roger and Geraldine Rinne of Phoenix took out a loan from the Meranto Living Trust of Las Vegas to pay the mortgage on the orphanage.
The Rinnes have defaulted on that loan to the tune of nearly $1 million.
The trust was trying to recover some of that money by auctioning off the property this morning.
The minimum bid at $400,000, but no one attending the auction was willing to pay anywhere near that much.
It’s now up to the trust to pay for either demolition or environmental cleanup, as well as the thousands of dollars in unpaid fines the Rinnes accumulated over the years for building code violations.