JACKSONVILLE, TX - On the surface, the upcoming bankruptcy auction of Lon Morris College appears to be simply the sale of the school. But when bidders gather Jan. 14 in Dallas to bid on the properties, they'll also be making offers on 16 different groupings of facilities and land.
That means the college campus and related properties could sell to one bidder or to as many as 16. The auction will begin at 11 a.m. in the Dallas offices of McKool Smith PC.
"After weeks of hearing from prospective buyers and what their needs are, we've organized the property by types of buildings. For example, most of the classroom buildings, dormitories, cafeteria and other facilities will sell as a single lot, which will interest those seeking a location for a college or similar property. The Wilson Administration Center -- which is suitable for use as a high-end office building or for executive education -- will sell as part of the larger campus or as a one-building lot, with surrounding land and parking," said Stephen Karbelk, president of AmeriBid, the company marketing the campus and preparing for the auction.
"We've sought to configure the property in such a way as to allow the greatest possible participation. Somebody might be interested in the office space but not in classroom space, dorms or athletic facilities," said Karbelk. "Wilson Chapel and its parking area could sell as a single lot and may well appeal to a church, for example."
The athletic facilities will be packaged in several different groupings, and several homes owned by the college are expected to sell individually.
Karbelk said potential bidders include colleges, churches, denominations, school systems, investors and others who might wish to use all or parts of the property for education, business or a mixed use development.
Individuals seeking additional information about the auction may visit www.AmeriBid.com or call 877-895-7077. Details about the lots in which the campus will be offered are posted at that website.
AmeriBid is the premier global real estate auction leader specializing in the sale of commercial and residential real estate, land properties and other assets for lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies and local, state and federal government agencies.
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