Douglas Johnson, Managing Director, CBRE Auction Services, announced today that the historic Castle Hot Springs near Phoenix, Ariz. will be sold at auction. Opened in 1896, the ±210-acre Castle Hot Springs resort was considered one of the premier resorts in the United States, attracting prominent families such as the Roosevelts, Vanderbilts, Wrigleys, and Astors. The online auction will be held on February 27th, 2014. The suggested opening bid is $500,000.
“Castle Hot Springs represents a fantastic opportunity to acquire a unique piece of American history,” said CBRE’s Johnson. “Known as the oldest resort in Arizona dating back to 1896, it was a popular destination for some of America’s most affluent families who were attracted to its 118 degree natural hot springs. Castle Hot Springs also operated as a recovery facility for wounded servicemen during WWII, reportedly including John F. Kennedy.”
Listed on the National Register of Historic Places, the desert oasis features ±210 acres, nestled in the shadows of the Bradshaw Mountains, five miles from Lake Pleasant Regional Park. The former world class resort contains a lush lawn containing ±550 majestic 100-year old palm trees, a ±125,000 gallon swimming pool, tennis courts, expansive mountain views, a ±4,800 square foot administrative building, and ±2,000 square foot three-bedroom guest house with maintenance building and horse stables. Perhaps its most notable feature is the 118° natural hot spring that produces ±180,000 gallons of pure water per day, which were believed to have mythical healing powers dating back to the 19th century.
“This is a once-in-a-lifetime opportunity for an investor to acquire a spectacular property with a wide variety of potential uses,” said Dave Headstream with the CBRE Phoenix Land Services Group. “Situated just a short drive north of Phoenix, the property could be restored to its former glory as a world class resort destination by developing lodging, which was once a prominent feature but no longer exists on the property today. Other uses may include a wellness center, corporate or religious retreat, a “sustainable community” or an exclusive residential compound, to name a few.”
The bank directed auction will open with bidding at $500,000. An initial earnest money deposit of $50,000 is required in order to participate. The online auction will be held on February 27th, 2014. Property inspections will be held by appointment only. CBRE representatives will be available to answer questions about the auction process, procedures, as well as the property. Detailed property information will also be available for review including the purchase and sale agreement. For this, and other information about the auction, including the terms and conditions of the auction and a brochure, prospective bidders should visit www.cbre.com/auctionservices, or call CBRE Auction Services at 800-815-1038.
Led by Douglas Johnson and Patrick Connell, CBRE Auction Services assists lenders, investors and other owners in the disposition of commercial real estate assets. The group joins forces with experts in each of CBRE’s business lines to develop a comprehensive marketing program designed to achieve client goals and the selling of the asset(s) on a date certain.