Competition for the Elevated Mountain Distillery building heats up

Vicki Hyatt, The Mountaineer, Waynesville, N.C.
·1 min read

Jul. 26—There appears to be just two bidders left in the quest to own the building formerly occupied by Elevated Mountain Distilling — Kenneth Wells of Maggie Valley and Micheaux Resource Management, a Monroe company that's working with developer Frankie Wood and former business owner Dave Angel to purchase the property.

Micheaux's most recent bid at $600,000 was submitted on July 7 and was more than $25,000 above the 5% minimum bid that is required in an upset bid process.

Within the 10-day bid process timeline, Wells bid $630,000 on July 18.

If there isn't another bid prior to July 28, Wells' bid will be accepted.

First Citizens Bank is foreclosing on the property and submitted an initial bid of $364,450, an amount close to the price of the property in 2016 when the original owner David Angel purchased it.

The property is located at 3732 Soco Road in Maggie Valley and includes only the building. First Citizens Bank & Trust filed a civil action against Elevated Mountain Management Group, LLC, Elevated Mountain Distilling Company, LLC and Angel to collect an outstanding balance of nearly $1.2 million.