The Virginian-Pilot
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NORFOLK
An auction this afternoon of the Globe Iron Construction Co. property in the Barraud Park area failed to attract a single bid.
The 17-acre parcel with a 300,000 square-foot shop has been appraised at $6.3 million. SunTrust foreclosed on the property, which is part of the company?s bankruptcy case.
Three people signed up for the auction, including the owners of Gutterman Iron & Metal Corp. of Norfolk, but none bid.
The auction was conducted in three parts. Auctioneer William J. Summs of Atlantic Asset Management Group first tried to sell about half the property, which includes the company office building and vacant land. Bidding started at $1.5 million and ended at $1.3 million with no takers.
Summs then auctioned the other half, which includes the enormous shop building and an adjacent 40,000 square-foot warehouse, but again got no bidders.
He then tried auctioning the entire property, starting the bidding at $6 million. When he got down to $1.8 million with no takers, the trustee overseeing the auction called it off.
?I think it?s disappointing but not surprising that an auction of this type of property could not realize a fair market bid,? said Karen Crowley, the attorney representing Globe in bankruptcy.
Saul Mednick, whose family has owned the business for 89 years, called the outcome ?predictable.?
An attorney for SunTrust declined to comment on what would happen now.
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Source: http://hamptonroads.com/2012/10/globe-iron-auction-attracts-no-bidders-norfolk
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