Assets of shuttered Mills Family Farms, Salinas, Calif., will be auctioned off Aug. 12.
According to local media reports, United Security Bank, which holds $3 million in notes on Mills Family Enterprises and related businesses, scheduled the bulk sale in Salinas. Items scheduled to be auctioned include tractors, trucks and backhoes.
Mills Family Farms stopped operations July 2008 and is being sued by dozens of creditors. The company got into financial trouble after investing heavily in Monterey County’s once booming real estate market by building residential subdivisions. After the housing market crashed last year, those subdivisions, including the luxury Monterey, Calif., development Monterra, entered foreclosure late last year.