Taxpayers May End Up Footing the Hotel Bill

It looks like there may be a good reason that Wayside Christian Mission offered up an exhorbitant price at auction for the Hotel Louisville at Second and Broadway.

It sure looks like the plan was to make sure that the property’s owners, including majority mortgage holder Gus Goldsmith, got paid in full and that the homeless organization picked up a nifty seven-figure profit by buying the property, then selling it for as much as $10.5 million to Jefferson Community & Technical College.

After a commissioner’s meeting held yesterday, it sure looks like Wayside Christian Mission may end up paying less than the $10 million it bid for the property at auction, and that it may sell the property, at a huge profit, to JCTC.

As you may remember, Wayside jumped the bidding at the auction from $1 million to $10 million, then Wayside director Nina Moseley couldn’t explain in a TV interview why she’d bid so much. And several sources have told us that Nina and her husband Tim Moseley held several meetings with Goldsmith prior to the auction. And, as Chase Cain reported on WHAS-TV yesterday, it was Tim Moseley’s name on the official document as the buyer of the property.

Is it possible that Goldsmith orchestrated this whole charade to boost the price JCTC pays for the property, with he and Wayside sharing the millions in excess profit? Was he worried that without the incredible Wayside bid, that the property might have sold for a number closer to $1 million, a number that wouldn’t have covered the mortgage holders? Will JCTC end up paying $10 million for a propety it should have been able to obtain for a fraction of that price?

We don’t know the answers to those questions, but it sure looks suspicious.

The Hotel closes Friday, and is supposed to be turned over to Wayside on Monday. But it’s not clear whether it even has the proper permitting to open a homeless shelter there.