Tracking the online government auction of the iconic “Ziggurat” complex in Laguna Niguel. Last updated Sept. 3, 3:30 p.m.
The buzz: September’s bidding started with a fifth consecutive business day that a late bid kept the auction going for what’s formerly known as the Chet Holifield Federal Building.
What’s for sale: A pyramid-shaped building on an 89-acre campus. After 53 years, the seven-story, 1-million-square-foot facility is barely used office space with no future government plans.
Last bid: $154.8 million on Tuesday, Sept. 3, according to the General Services Administration auction site. That’s 121% above the $70 million asking price.
Latest bidding: On Tuesday, a bid $300,000 above the last bid of Friday, Aug. 30 – the minimum increase allowed – landed just 26 minutes before the daily auction deadline. That was quickly followed by another bid, upping the price by another $300,000. This essentially copied the bidding pace of the four previous bidding days and extended the auction to Wednesday.
Related Articles
Gordon and Dona Crawford’s Dana Point blufftop, oceanview home relists for $39M
California consumer confidence plummets to 4-year low
La Jolla residential land sells for $35 million
When property investors want out, here’s who buys
Big landlords face $1.5 trillion refinancing worry
Next deadline: Sept. 4 at 3 p.m.
The history: The GSA auction started June 5. It was originally due to end July 31 but bidding rules say if the current high bid is topped on a deadline day, the auction remains open for another 24 hours. That requirement was met July 31, when four bids pushed the price up $1.2 million to $136.8 million.
Extended bidding: The bid requirement has been met on 23 business days since July 31. This extra auctioneering has added $18 million to the price. On 14 of these days, the auction was extended by a bid within one hour of the deadline.
What’s the opportunity? Ziggurat is a rare spot for large-scale real estate development in south Orange County. This is its second auction. The first, which required the buyer to preserve the Ziggurat structure, drew no bids. This auction – without that restriction on development – will likely mean demolition of the structure designed by the late famed architect William Pereira.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
Ziggurat tales
Last-minute bids keep Ziggurat auction going
The $150 million-plus bidding war
Ziggurat back up for auction, no preservation required
Feds get no interest in auction of iconic Ziggurat building
$70 million Ziggurat auction is wasted opportunity
Any interest in buying the iconic Ziggurat ?
Ziggurat: How a white elephant became county landmark
Laguna Niguel’s landmark could be facing the wrecking ball
Ziggurat a touch of Babylon in Orange County
Leave a Reply