C-III Capital Partners, the loan servicer handling the property since the owner defaulted on an $80 million mortgage, canceled the auction yesterday conducted online by Auction.com. The final bid was $25 million, compared with an appraisal of $56.6 million in January 2011, according to Nomura Holdings Inc. The property was estimated to be worth $210 million in 2007, according to data compiled by Bloomberg. “There was a kind of a macabre fascination,” said Lea Overby, a debt strategist at Nomura. “People were surprised the bids were coming in so low. People had it in their heads that it was going to come in closer to the appraised value.” ...That level would cause a principal hit to the AJ. Who has two thumbs and doesn't own that AJ?
Monday, August 13, 2012
The "Macabre" Pier at Ceasars