Old department store in Yamagata up for foreclosure

The Onuma Department Store in Yamagata City is up for foreclosure later this month, with a minimum bid set at 186,768,000 Yen (approx. US$1.8 million). Yamagata District Court will accept sealed-bids from November 24 to December 1, with bids to be opened on December 3.  The department store closed its doors in January 2020 after filing for bankruptcy, making Yamagata City the only prefectural capital in Japan to be without a department store.

 919 total views,  2 views today

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.

 1,189 total views,  4 views today

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.

 2,931 total views,  2 views today

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.

 6,137 total views,  2 views today