"Purple Hotel is about to die..."

[the_archfiend]

Granted, this is a lot less fun that your average game of Gauntlet. David Roeder writes:

The place has so many code violations that in February the village got the legal right to raze it unless owner Donald Bae made repairs. None has occurred, said village Administrator Timothy Wiberg, so the town is preparing specifications for demolition bids.

But that’s probably not Bae’s biggest concern. His lender, First Midwest Bank, wants to foreclose on him and is trying to sell the unpaid mortgage note. The buyer then could be in position to take control of the site, which Lincolnwood officials want redeveloped.

Podolsky Northstar Corfac International is the agent for the note sale. Senior Vice President Adam Tarantur said he hopes a winning bidder will be selected by the end of the month. He said Bae owes $4.6 million, counting penalties.

Bae is a Korean business leader whose conduct in this matter has been strange. He has listed the property for sale with a $25.8 million price, a figure that real estate experts say is so high that it deters serious inquiries. Rather than sell it for whatever he can get, Bae now risks losing the property altogether. He could not be reached for comment.

Color me unsurprised that he doesn't have a comment.