By PETER HUSSMANN
Great Southern Bank purchased the former Prairie Gas convenience store near the Iowa Speedway for $599,300 at sheriff sale earlier this week.
The sale is the result of a foreclosure action brought in January by Great Southern Bank, successor of First Federal Bank, following the store's closure just before Christmas last year.
The foreclosure action was brought against David Fisher and Douglas and Jones Development, LLC, Fisher's convenience store development corporation.
In March, the court granted summary judgment to Great Southern finding a total judgment outstanding of $775,391.57, plus accruing costs, on the property located at 4300 S. 22nd Ave. E.
Fisher, who is also involved in the separate but now-stalled development of the Prairie Suites motel adjacent to the convenience store, has filed for bankruptcy, listing more than 150 creditors, including many local residents who provided capital for the convenience store and motel projects.
A dozen mechanics liens approaching nearly $600,000 in value have been filed against the motel project and its developers, HNF Development. Fisher, along with Alan Halferty, are the principals in that development group.
Officials with the Jasper County Sheriff's Office said they have received inquiries from individuals interested in the convenience store property, though Great Southern was the sole bidder at the sheriff sale.
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