Failed share houses start to hit foreclosure market

One of the early foreclosures of failed share houses developed as part of a wide-scale scam goes up for public auction next week. The minimum bid for the building and land is set at 23,672,000 Yen (approx. 205,000 USD), with results to be announced on October 25 (Update: It sold for 25,180,000 Yen to a private bidder). Back in January, several share houses by a former Ginza-based share house developer were listed for public foreclosure auction, selling for around a third to less than a half of what the original investors would have paid for them.

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Ehime ‘Castle’ up for public auction

Matsuyama Castle 3

A 5-storey ‘castle’ in the outskirts of Matsuyama City, Ehime Prefecture, is up for public auction this month with a minimum bid set at 39,240,000 Yen (approx. 370,000 USD).

The property is a run-down former love hotel designed to resemble a traditional Japanese castle. The 2,600 sqm (27,800 sq.ft) hotel was built in the 1980s, but has been closed since the early 2000s.  It is located on a 15,000 sqm block of land across the road from a pond and golf course, and a few hundred meters from several housing subdivisions.

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Nara Dreamland sold to Osaka real estate company

Nara Dreamland 1

Nara Dreamland, the long-since closed amusement park modelled after California’s Disneyland, was purchased by an Osaka-based real estate company earlier this month for 730 million Yen (5.95 million USD). The buyer, SK Housing, was the only bidder at the public auction. It is unclear what the new owner plans to do with the site.

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Nara Dreamland up for public auction for second time

Nara Dreamland 1

Nara City is putting the foreclosed ‘Nara Dreamland’ amusement park up for sale for a second time. The minimum price is again set at 730 million Yen, and bidding is open for 20 minutes on November 10, 2015.

The park was first put up for auction in November 2014 with the same minimum price. No bids were made. Despite the lack of buyer interest last year, the city still believes the site offers a convenient location and are not adjusting the price downwards.

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