Poor Red's Sale Pending as Court Obtains Its Own Determination of Business Value
Judge Phimister gave an order allowing for a District Attorney-retained appraiser evaluation of the property.
Last Friday afternoon the owners of Poor Red’s appeared in court for a confidential hearing regarding possible buyers of Poor Red's bar and B-B-Q.
Last August the Adams pleaded guilty to charges of filing false tax returns with the state Franchise Tax Board and Board of Equalization. They both also agreed to an enhancement of aggravated circumstances due to the amount exceeding $200,000. As part of the court ordered restitution, Poor Red's was ordered to be sold to new owners.
The commercial property that includes Poor Red’s is on the market with a current selling price of $1.5 million. The same property is valued in El Dorado County tax assessors office for tax purposes at $597,335.
Judge Douglas C. Phimister told the court that Michael and Brenda Adams would have a confidential hearing regarding valuation and potential buyers of their bar. Presumptively, the hearing was confidential to prevent other buyers from hearing offers.
Phimister told the court that the case would be continued to May 9 at 3 p.m. in Department 7. He ordered a probation report regarding possible sentencing to be prepared. Judge Phimister gave an order allowing for a district attorney-retained appraiser evaluation of the property.