I would have Bid $200 ! Unfortunatly then he would have bid $300 :(

[jeff of pa]

I would have Moved into one of the Store places.
Could have given everyone Discounts on Rent If I could do my Shopping at Night




Foreclosed mall once valued at $190M is auctioned for $100



TARENTUM, Pa. (AP) — A Pennsylvania mall that was foreclosed on after its owners failed to repay $143 million has been auctioned off for $100.
Wells Fargo Bank was owed the money from a 2006 loan and submitted the winning bid for the 1.1 million-square-foot Galleria at Pittsburgh Mills on Wednesday. The bank was acting as trustee for MSCI 2007 HQ11, the trust that bought the mall in suburban Frazer Township.
Wells Fargo foreclosed last year on the mall, which opened in 2005. The mall once was worth $190 million but recently was appraised at just $11 million and is slightly more than half occupied. Pittsburgh Mills Limited Partnership defaulted on the loan.

 

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[vpnavy]

Dang Jeff - could you imagine what the monthly taxes (state) are for that property? OMG - could you imagine what the insurance costs?

 

[jeff of pa]

Dang Jeff - could you imagine what the monthly taxes (state) are for that property? OMG - could you imagine what the insurance costs?

Yep I Can also Guess most of the Stores in there are Crying Poverty paying their rent Too

 

[coinman123]

Dang Jeff - could you imagine what the monthly taxes (state) are for that property? OMG - could you imagine what the insurance costs?

The reason why I wouldn't have even bought it for $1, would be impossible to sell too.

 

[A2coins]

Wow Ill bid 101.00

 

[jeff of pa]

I Could have taken the Benches/Display Cases home.
& let the place go back up for sale & Come out ahead



I think one of those light Fixtures would have fit in My room here & gave me a Tan

 

[against the wind]

Wow Jeff, it'seems a shame that you would still lose money if you could sub-divide to allow the occupied stores to purchase their own properties. What would it cost, after the initial $500. purchase, to have a Real Estate company set up a Cooperative among the Retailers at the mall? With very little money down, and lots of paperwork passed around, millions of dollars in profit are made every day.
I'm surprised that you passed on this one,, lol.

 

[jeff of pa]

Yea I wonder how the Original deal actually Worked.

If you win a Car, You are responsible for paying the Taxes and Transfer Fees.
not sure if that must be paid up front.


So if it is . when he Won the Mall for $100.00
he was probably Responsible for Taxes on the $11 million appraised value . and maybe up front

pa state Sales tax of 6% of $11,000,000 would force me to cut my Mattress open

or make a round trip to Columbia

 

[vpnavy]

OMG - I thought I was the only one that kept my money in my mattress. I also keep my guns wrapped up in $100 dollar bills - who would think about looking in the mattress!

 

[Geobound]

I hide my money in healthy boxes of food, because as we all know nobody opens them!