Ownership Interest in Single Family Home in Utah

The Trustee is currently soliciting bids for the purchase of the Debtor’s one-fifth (1/5th) interest in the Trust (the “Interest”).  The Interest is being sold in “AS IS,” “WHERE IS” condition, subject to any all liens and encumbrances, and with no representations or warranties, express or implied.   If you are interested in purchasing the Interest, please submit a written bid to the Trustee as soon as possible, and by no later than February 12, 2020.  Please feel free to contact the Trustee should you need additional information or should you wish to discuss the matter.

According to information obtained from the Debtor, the Debtor is a trustee of and a beneficiary under the Thomas James Semmens Revocable Trust (the “Trust”).  Pursuant to the Trust, the proceeds of the Trust estate are to be divided in equal shares between 5 beneficiaries (including the Debtor).  A copy of the Trust is attached for your reference.  The main asset of the Trust is a home in Washington County, Utah (the “Home”), more particularly described as: 

2151 E. 660 N. Cir.

St. George, Utah 84790

Parcel No. SG-PP-C-42 

Pursuant to the Trust, the Home is to be held for the use of the Debtor’s brother provided that he pays all expenses of the property (mortgage payment, maintenance, taxes and insurance) and keeps said home expenses current. Once the brother is no longer using the property and fails to meet the expenses obligations, the Home shall be sold for its fair market value (as determined by appraisal), with the proceeds, after payment of any mortgage or taxes on the same, added to the Trust estate for distribution. 

Based upon county records, the Home has a current market value of $333,500.00.  According to representations made by the Debtor, the Home is subject to a lien in the approximate amount of $120,000.00.