Shuttered Madera (Calif.) Community Hospital is selling farmland it owed for more money than it anticipated in just six minutes of auction bidding, but still owes more than $30 million to creditors, according to an Oct. 24 Fresnoland report.
The bankrupt hospital was looking for about $569,000 after the current tenants, using the 35.6-acre parcel of land as an almond tree orchard, offered to buy it in July.
Lawyers representing creditors subsequently sought a competitive bidding process, and the final bid by a raisin processing and packing company came in at $730,000.
That number is still well short of the approximately $35.4 million the hospital owes.