The initial sale may have fallen through, but as of today, the Archdiocese of Agana’s Accion property in Yona has been sold for $5.7 million and the church’s creditors are happy with the transaction.
The money is now in escrow and will go towards paying out sexual abuse claims which have reached resolution.
The Accion property is now owned by Guam based TF Investment LLC. The buyer had come to the table in August expressing interest in the property but was outbid in a live auction by Georgia-based company bSide partners which offered $6.1 million.
bSide Partners had requested for 75 days to close the sale but time ran out and the company did not push through with the transaction, filing a motion to cancel the contract to purchase on Dec. 10, and leaving the Accion property up for sale once more.
As a result of its withdrawal, bSide Partners forfeited the $50,000 they placed as part of a non-refundable deposit.
Attorney John Terlaje commented on the sale after a hearing on the church case.
“We are happy that the court approved it. We are glad the committee agreed to move forward with this. At least there is money there now to proceed hopefully with some resolution in these cases,” Terlaje said.
But the sale did not go without objection. Remax Diamond Realty raised concerns about the creditors committee realtor, Keen-Summut Capital Partners LLC, receiving a commission on the sale.
Gina Campos of Remax spoke up in court saying that it is unfair for Keen to receive a commission because they did not bring the buyer to the table and had nothing to do with the sale.
She asked District Court Chief Judge Frances Tydingco-Gatewood to reconsider the additional payment on the basis of whether or not it is fair and reasonable.
While Campos declined to comment further after the hearing, Attorney Terlaje broke down what exactly is under contention.
“The sale was approved. The agreement with Remax and the old realtor will be paid their percentage. The cost for Keen will be paid. The only thing held back would be the difference between the 5.35 and the 5.7 so 17.5 percent will be held back until Jan. 17th,” Terlaje said.
Chief Judge Tydingco Gatewood, in light of the protest, has ordered that Remax file a written objection regarding commission on the 17.5 percent difference by Dec. 27. The next hearing is set for Jan. 17.