Report: $28 Million Oheka Castle Loan in Imminent Default

Due to imminent default, a $28 million loan on the  has been transferred to special servicer, C-III Asset Management LLC, according to a Citybizlist report. 

Listed on the National Register of Historic Places, the historic hotel with 32 luxury guestrooms and suites, hosts society weddings, celebrations and public events. Notorious as Citizen Kane’s Xanadu, the castle's guest list includes Charlie Chaplin, Bill Clinton, Demi Moore and Ashton Kutcher. 

Purchased as a dilapidated property in 1984 by current owner Gary Melius for $1.5 million, 70 percent of the  with future plans calling for the addition of a restaurant and spa.

C-III Asset Management LLC, is a wholly owned subsidiary of C-III Capital Partners, the named special servicer for approximately $152 billion of commercial real estate loans, according to the company's website.