- April 29, 2024
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After entering into bankruptcy in August of last year, Palm Coast’s City Marketplace complex, behind Wal-Mart on Cypress Edge Drive, will be auctioned off this Friday, Jan. 6.
Bidding will start at $5 million, with offers to be submitted online.
“It's almost like a foreclosure sale, but it's a bankruptcy, so they have to do the auction,” said Steve Murray, of Stephen P. Murray, CAI Auctioneers, the brokerage firm overseeing the bid process.
Sealed bids for the four-building, 167,000-square-foot property, which houses Palm Coast’s City Hall, along with several art galleries, restaurants and other companies, will be collected noon Friday. Bidding will take place in $25,000 increments, and a $100,000 deposit, submitted five days prior to the sale, is also required.
According to Murray, a couple calls have already come in from potential buyers, but a sale is never definite.
“There’s a bank involved, and they’ll probably end up with (the complex) if nobody bids the $5 million,” he said. “Then the bank will try to sell.”
All bids must be submitted to [email protected]; Steve Murray, 175 Standish Dr., Ormond Beach, FL 32176; and 904-635-0035.
