State's High Court to hear property feud

The Arizona Supreme Court will hear the feud over who owns Elevation Chandler. The justices will hear oral arguments at 9:30 a.m. Feb. 22 regarding ownership of the property. Construction of a mid-rise building at Elevation Chandler was terminated and abandoned in April 2006, leaving the framework exposed. The Supreme Court had been asked to review the case by the California-based lender Point Center Financial and by TD Service Company of Arizona, which held an error-ridden trustee sale. The companies say the dispute has ramifications for all trustee sales in Arizona's commercial real-estate industry. Elevation Chandler is 10.5 acres of prime land near Loops 101 and 202, on the southern edge of Chandler Fashion Center. It includes the partly built hotel. The lender is locked in a dispute with B.T. Capital's principal, Tom Peltier, a Phoenix foreclosure speculator who claims he bought the property on June 15, 2009, for $1,000,001. On that day, the outstanding balance due was at least $32.7 million. The next day, TD Service refused to accept Peltier's payment, and he sued in Maricopa County Superior Court.

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