Mortgage holder takes over Elevation Chandler

The mortgage holder of Elevation Chandler foreclosed Thursday, taking possession of the troubled 10.6-acre parcel with a $1 million credit bid at a trustee sale. The public auction, in front of the Maricopa County courthouse, was calm and quick. However, the ownership of the property is being fought over in court. Phoenix real estate investor Tom Peltier claims he bought the property for $1,000,001 at a trustee sale on June 15, 2009. Peltier attended the sale Thursday as an observer. "I already own it; I'm not going to bid," he said before the sale. Also attending the sale were two representatives of the mortgage holder, California-based Point Center Financial.

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