According to The Free Press, a judge has ordered the sale of Jordan Sands quarry properties in Mankato, Minn., for $8 million to help settle the company’s default on a $22 million loan.
Last year, St. Cloud-based Stearns Bank sued Jordan Sands, owned by the Coughlan family. The company’s property was put into the hands of a court-appointed receiver who was charged with selling it for the highest price possible.
Earlier this year the receiver, Cordes & Company, told the court it pursued multiple attempts to sell the properties as a whole or in pieces. The receiver said an $8 million offer made jointly by Holtmeier Construction, Kasota Stone Fabricators and Pentagon Materials was the highest price they could get.
The three firms, all based in Mankato, Minn., made the offer last April, shortly after Stearns filed the lawsuit. The receiver said they did not immediately accept the offer, waiting to see if the properties could attract a higher bid.
While Jordan Sands objected to selling the property for $8 million, saying the offer was too low, Blue Earth County District Court Judge Gregory Anderson ruled this month that Jordan Sands “did not provide any evidence of a higher value, a better offer or potential buyers.”