Dunmore Homes asks for court OK of $4.36 million sale of Sacramento property

By Reshmi Basu

New York, Nov. 30 - Dunmore Homes, Inc. asked for court approval of the $4.36 million sale of its Stone Mitigation property located in Sacramento to stalking horse bidder Sacramento Area Flood Control Agency (Safca), according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The 161.39 acre property is located in the Natomas Basin area of Sacramento.

According the court papers, the company said it would entertain higher bids. Alternative offers must be submitted by Dec. 13, accompanied by a $100,000 deposit.

If there are other qualified bids, an auction will be held on Dec. 14.

The initial overbid must be for at least $28,000 per acre, and thereafter each bid must be at least $1,000 per acre higher than the prior bid.

A hearing on approval of the sale to the Safca or the winning bidder will also take place on Dec. 14.

Dunmore Homes, a Granite Bay, Calif., homebuilder, filed for bankruptcy on Nov. 8 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 07-13553.

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