By Allen Payton
After Humphrey’s on the Delta Restaurant closed its doors this last Christmas Eve, the building went into foreclosure and was then sold by Wells Fargo Bank, which carried the loan.
A new buyer purchased it about a month ago. Local businessman John Majidi, President of Majidi Properties in Antioch, bought the restaurant and plans to either run it, himself, or find someone who will.
The restaurant sits on property owned by the City of Antioch and the previous owners were behind on their rent payments, (which were based on a percentage of sales or a flat rate, whichever was greater) by about $68,000.
The restaurant was given an appraised value of $940,000, last year. The remaining loan balance was $400,000. So, if Majidi paid the note and the back rent to the City, he was able to get twice the value for his investment without even opening the doors, again.
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