Auctions set for various commercial properties in southwest Cedar Rapids

A number of southwest Cedar Rapids commercial properties are set for sheriff's auctions in February and March to satisfy mortgages in default.

A 20,600-square-foot building that houses Jung's Tae Kwon Do Academy/New Life Fitness World of Florida at 3950 Wilson Ave. SW is scheduled for a Feb. 10 sale. U.S. Bank in Cedar Rapids is seeking to recover $1.8 million, plus accruing costs as well as 11.4 percent interest since Sept. 2, 2014.

Woojin Jung, a South Korea native and a tae kwon do grand master, brought tae kwon do to Cedar Rapids in 1973. He opened New Life Fitness World in June 1980.

NXT Bank of Central City, formerly City State Bank, is seeking to recover $669,000, plus accruing costs as well as 18 percent interest since Dec. 1, 2014, from Stark Real Estate Holdings for properties at 62 and 62 1/2 16th Ave. SW, 72 16th Ave. SW and 95 16th Ave. SW in Czech Village.

The sheriff's auction is set for March 3.

The bank's judgment is against Stark Real Estate Holdings, owner Baron Stark and the Red Baron Bar & Dance Club.

Baron Stark, a local developer, invested in a number of Czech Village properties after the June 2008 flood, using his own money and bank loans.

The sale of Jung's Tae Kwon Do/New Life Fitness World and Stark Real Estate Holdings properties are not subject to redemption. That means the owners cannot pay the appropriate amount due as well as interest to retain ownership of their properties.