Texas: Cowboys Dancehall Set to Be Sold at Foreclosure Auction
Cowboys Dancehall, the popular bar and country music venue on the Northeast Side, will be put up for sale at a foreclosure auction next month.
Cowboys Far West Ltd., the Arlington-based partnership that owns the venue, has defaulted on payments for the 16.6-acre property at the crossing of Loop 410 and Interstate 35, according to foreclosure listing service RexReport.com and a notice posted on the county’s website. The property is set to be offered at a public auction on July 5 at the Bexar County Courthouse.
A representative of Cowboys didn’t immediately respond to a request for comment on Tuesday morning.
The property, which Cowboys Far West has owned since 2003, was assessed at more than $5.3 million this year by the Bexar Appraisal District. The owner has borrowed a total of $7.5 million on the property through two deeds of trust in 2007 and 2008, according to county property records.
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The owner has borrowed a total of $7.5 million on the property through two deeds of trust in 2007 and 2008, according to county property records.
Obviously they got caught up in the ‘bubble’ for real estate that was over-valued. Sadly, they pulled out the false equity like so many other millions of homeowners. Commercial properties don’t fall under HARP or HAMP and commercial lenders are less likely to re-negotiate their mortgages. Plus, commercial properties values are largely based on the income they produce and if there’s a loss there, i’s almost fatal to the owners!