As of 2:02 p.m. today, Tuesday, August 25, the City of Hot Springs assumed ownership of the Majestic Hotel complex in a closing at Hot Springs Title Company in downtown Hot Springs.
The contract sales price was $1,615,000. After a reduction in the amount of $935,000 as a donation from the seller, and other credits toward the purchase price, the city’s cash outlay was $672,782.90.
The final executed documents from the seller have been sent to the title company via overnight delivery. Once the closing documents are filed and the deed recorded, the city will begin removing rubble of the partially-demolished “yellow brick” portion of the complex soon thereafter.
The yellow brick portion of the Majestic Hotel succumbed to a massive fire on February 27, 2014. Since then, Hassenflu has been cited for numerous building and code violations. Despite public outcry and several date extensions granted by the Arkansas Department of Environmental Quality (ADEQ), Hassenflu never executed any rubble removal.