Woman says she could be out more than $165,000 after owner of her village home files for bankruptcy
Olympic Village owners hand over ownership to new company, making residents uneasy about what might happen next
SUN PRAIRIE, Wis. — Sun Prairie resident Katherine Farmakes, 66, had to sell her home in Sun Prairie when she found out she was getting surgery and was going to be wheelchair bound.
In 2014, she moved into an assisted living condominium at Olympic Village. Farmakes said at the time, it was perfect with its flat floors, a great view and a good space where she could take care of her granddaughters.
“When I moved in, I had to torn tendons and I needed to have surgery and was wheelchair bound and needed to recover also in that wheelchair, so I needed a flat surface,” Farmakes said.
But for the past six years, there has been one major issue bothering her.
“Water was leaking in through the windows on both sides and coming down through the walls and snow and ice was coming through,” she said.
On top of the leaky windows, her floor boards are cracked and pop up, creating uneven surfaces throughout her home. Farmakes said these conditions make it difficult for her because of her post-surgery disabilities in her hips and ankles. She said she has tripped in her home on more than one occasion because of the uneven floor boards.
Farmakes pays $465 a month in maintenance fees. She said after six years of requesting service to repair her floors and windows, they still aren’t fixed.
“I kept sending in requests, sending in requests, sending in requests and in the meantime, unbeknownst to the residents here, this place, we didn’t know Independent Living was having any trouble.
Court documents show Independent Living, which owns the Olympic Village, filed for bankruptcy and temporarily gave ownership to Wisconsin Management Company. Farmakes said she doesn’t believe there are any maintenance workers around anymore.
“We don’t know if someone is going to buy it and just want to sell it and tear everything down and make brand new condos or apartments,” Farmakes said.
Attorney Michael Polsky of Milwaukee has filed to take ownership of Olympic Village in circuit court. While the receivership documents are still in the court process, Farmakes said her biggest concern is her security deposit if she has to move out of her home.
“If I don’t get anything back, my whole financial loss would be $165,702,” she said.
As part of the court documents, financial guidelines are outlined, detailing what residents should get if they choose to leave. But according to the paralegal on Polsky’s team, attorneys are still working out what changes will be made to the lease agreement and how much money residents will get back.
“If things are not resolved, then I will have to file a claim,” Farmakes said. “That is money I will need because I don’t know what the future is here.”
Polsky’s paralegal said the residents in the Olympic Village community are on life leases. The residents paid a large sum upfront and pay a set maintenance fee every month as part of the lease agreement.
News 3 Now has reached out to Polsky and his paralegal asking what the future looks like for residents, what their plans are for the property, and how much money residents should expect back from their security deposit if they leave. They have not yet returned our messages. This story will be updated with their response as soon as we receive it.
COPYRIGHT 2020 BY CHANNEL 3000. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.