Home / Articles / News / Cap City / BANK WANTS GOLD FROM GOLD’S GYM
Print this Article
Thursday, April 18, 2013 07:36 am

BANK WANTS GOLD FROM GOLD’S GYM

Illini Bank is foreclosing on Gold’s Gym, a popular Springfield workout facility on the city’s east side.

The bank says that it is owed more than $4.3 million in three mortgages that have gone unpaid. In addition to the mortgages, the bank on April 11 won a judgment of more than $130,000 for a loan that was not paid back, according to Sangamon County Circuit Court records that show that the gym did not contest the debt.

Maureen Suhadolnik, president of the corporation that owns the Clear Lake Avenue gym, could not be reached for comment.

The Internal Revenue Service last year hit the gym with nearly $90,000 in liens for unpaid taxes. Meanwhile, Illini Bank in court documents says that property taxes on the gym have not been paid, with county records showing that more than $108,000 is due for 2010 real-estate taxes. Gold’s may be underwater on its loans, judging by county property records that show the gym has a fair market value of less than $2.5 million, which is $1.8 million less than the bank says is owed on mortgages.
Log in to use your Facebook account with
IllinoisTimes

Login With Facebook Account



Recent Activity on IllinoisTimes

Calendar

  • Fri
    18
  • Sat
    19
  • Sun
    20
  • Mon
    21
  • Tue
    22
  • Wed
    23
  • Thu
    24