IMPERIAL Pacific International’s two crystal dragons and 11 vehicles, including two Rolls Royces, are for sale.
Clear Management Limited, a court-appointed receiver, has opened an online auction for the properties at https://shorturl.at/wzCLU
To place a bid, individuals need to register.
The auction webcast for the vehicles will begin at 12 p.m., April 11, 2024, Saipan time.
The vehicles to be auctioned are two (2017) Rolls Royce Ghost Extended, a 2017 Cadillac Escalade, a 2016 Toyota Sienna, a 2015 Lexus RX 450h Hybrid, a 2015 Nissan Frontier, a 2016 Mazda CX-5, a 2015 Toyota Rav4, a 2015 Toyota Rav4, a 2015 Toyota Yaris, and a 2014 Toyota Yaris.
The starting bid for the crystal dragons, which span over 60 meters and weighs 40 tons, is $5,000. They are described as “crystal gem-studded sculpture featuring two flying dragons” — “the largest such installation in the world.”
The auction will close on Nov 21, 2024, at 12 p.m.
On Oct. 26, 2021, the District Court for the NMI appointed Clear Management as the limited receiver to liquidate IPI’s casino gaming equipment.
Since the limited receivership commenced, Clear Management has already conducted several auctions of IPI’s gaming equipment.
IPI owes judgment creditors in federal and local courts a total of $21.1 million, including the tax lien held by the CNMI Division of Revenue and Taxation against it.
In January, Chief Judge Ramona V. Manglona of the District Court for the NMI approved the stipulated distribution of IPI’s gaming equipment auction proceeds as requested by judgment creditors.
For its part, the Commonwealth Casino Commission said since the onset of the Covid-19 pandemic in 2020, IPI has failed to pay its obligations that have now amounted to over $62 million in annual exclusive casino license fees due to the CNMI government, and over $17.62 million in regulatory fees due to the commission, plus fines and penalties, for a total of $79.62 million.
According to IPI, it has proposed a settlement agreement, but it was rejected by Gov. Arnold I. Palacios, who said that under the proposal, IPI would pay $15 million only.
