After a foreclosure sale process that drew out over multiple months, the ownership situation at Spring Lane Cinemas will remain the same for the time being after the lender to the company that owns the building at 1351 Plaza Drive in west Sanford paid back taxes on the property.
The building, owned by Firstrun LLC of Lake Geneva, Wisconsin, had been up for foreclosure sale due to unpaid local property taxes totaling around $460,000. Lee County government had filed suit against Firstrun in early 2022, and the case made its way through the court system until June, when Judge Joy Jones ordered the foreclosure sale.
Several bidders showed up at the sale on July 20, held at the Lee County Courthouse, but only two competed for the property. The winning bid for $1.25 million that day was from Wildlife Collections LLC, a Sanford-based company which specializes in wildlife and conservation themed merchandise.
But the end of the auction began a 10 day upset bid period, which reset every time an upset bid was placed. Between July 20 and August 28, a total of eight upset bids were placed, reaching as high as $2.2 million (again from Wildlife Collections). Lee County lists the tax value on the building as $4,932,400.
But on Sept. 6 – which would have been the final day of the upset bid period – a representative of Stone Capital Acquisitions, which hold’s Firstrun’s note on the building, paid the outstanding taxes. This means the building technically remains in the hands of Firstrun, although it’s unclear whether Stone Capital plans a foreclosure action of its own against the company.
Spring Lane Cinemas is owned by East Coast Entertainment, which rents the building from Firstrun. East Coast Entertainment was not a party in the lawsuit.
Spring Lane Cinemas is the only movie theater in Sanford, and as such is one of the primary options for entertainment in town. Former owner Frank Theaters filed for bankruptcy in 2019, and the theater changed hands to East Coast Entertainment the same year. The theater was also closed for eight months during the COVID-19 pandemic, but reopened in November 2020.
They should have been forced to lose it, they don’t take care of it or upgrade it. It would be better in new people’s hands with a vision!
I don’t understand the logic or sanity in continuing a pricing guide for movies, when the business fails. I know failed movie houses who were purchased, movie prices were changed, and then became fabulously profitable. Example: Old movies were eight bucks. Walk in a look at all rooms and see less than two dozen people for viewing. Purchases at concession were minimal due to extreme pricing. Then prices changed to four dollars. A hundred people showed up instead of a couple dozen. Concession pricing changed to match movie costs price. Then they had dozens upon dozens of concession customers, since they could then afford what was sold. Where is the sanity or sane logic in constinuing a failing business practice? Makes no sense. I remember this place such as ours here in Sanford, yet it was in Southern Pines. High prices caused failure. Lower prices brought in so many customers, they had to actually limit the number of viewers for first run movies due to lack of space. That was many years ago, but it became so profitable, the sale price for it exceeded original asking price by over 400% total. We are failing in this society when we allow nonsensical business practices to become the norm. Why open if you are just looking for failure?!
It reminds me of when I was a franchise manager of a popular taco place in the 1970’s. Insanity prevailed over common sense. This franchise deliberately over produced the days menu items. At days end, we had to throw in the trash all food that was not sold. I would box and package the food in bags with employees names on them, and set the bags on top of the dumpster. Employees who were paid a ridiculous hourly wage at least got something to take home with them. That food was not wasted. This franchise wrote off the food waste and got a after tax profit at years end. After two years they found out and of course fired me. It was a criminal act in their eyes to see people in need get food, instead of throwing clean edible product into bags for others to use. it was put to wonderful productive use. On the bright side tho, after word got out of my good deeds and then firing, they didn’t last another nine months and franchise failed. What in hell difference did it make to set it upon the dumpster instead of inside it?! What was so wrong with people benefiting from product waste instead of just destroying it?
On the other hand, maybe I am a strange individual who cares about life, and I mean life of all kinds. I’m one of those people conservation officers hate. I FEED and WATER wildlife. Not every day, but once each three days. My superior intellect as a human being with tools allows me to be more productive. I could care less when conservation officers say “It doesn’t do animals any good. They fail to be able to do what they need to learn in life, to be more productive in their survival skills”. I ignore moronic responses to my good deeds. If I go down in history as the person who did not do what others deem wiser (such as politically incorrect lunacy), then my life has been productive and I will be remembered for all those acts of kindness. That is why I fostered over 75 baby/adult animals in my lifetime. Comments damning me for helping animals, means as little as my firing from the franchise. At least my acts were helpful and productive to other living entities. I
Tacos were 29 cents or four for a dollar. They produced such food in excess for retail, that as easy 1/3 – 1/2 of it was waste. That way they could get back all food waste cost, plus condiments, plus oils and electricity costs, for such waste. It would falsely make them look to be triple as productive as they were via inventory, for after tax profits. ALL THEIR franchises did that. How the law let them purpously be that wasteful, is beyond me.