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CHARLOTTE — The once-iconic epicenter of the residential complex sold to the highest and only bidder on Tuesday.
Deutsche Bank Trust Company Americas offered $95 million.
More than a dozen interested parties attended the auction in the Mecklenburg County Courthouse on Tuesday morning. However, after the auction, none of them made any bids.
This means Deutsche Bank will own the property as-is until the end of the month in 10 days.
In the meantime, anyone who wants to bid can do so. An unsatisfactory bid would require the individual or company to pay 5% more than the $95 million in the epicenter auction.
“I would say it’s not final,” said Heather Culp, a bankruptcy attorney who handles such cases. Culp was not involved in the epicenter case, but did discuss what might have happened based on her experience with similar cases.
“I don’t expect them to go out and find buyers to bid,” she said. “I’m sure they’ll get calls from people about bidding today so they can figure out if they want to buy it.”
More previous coverage:
If someone bids in the next 10 days, a new 10-day period will begin for others who want to bid again. Once a period is over, the latest disgruntled bidder will own EpiCentre.
However, if there are no bids by the end of August, Deutsche Bank will become the owner and can then sell the property privately, Culp said.
That means the future of the epicenter, and what will eventually emerge, is still up in the air.
Another identity hearing is scheduled for October 31.
(Watch below: Epicenter likely to stay with current lender after no higher bids are offered)
©2022 Cox Media Group
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