https://www.bizjournals.com/austin/n..._news_headline
looks like some properties may be coming on the market soon.
from the ABJ
"The plan proposes that the debtor, World Class, be entitled to close any sale with a gross sale price of at least 85% of the properties' appraised values. The plan lists an appraised value of $3.9 million for 900 Cesar Chavez, $1.68 million for 905 Cesar Chavez, $5.18 million for 7400 South Congress and $20.89 million for 504 E. Fifth St.
A Feb. 3 order from United States Bankruptcy Judge Tony Davis authorized the hiring of McAllister & Associates to serve as the exclusive broker for the debtors, with Dani Tristan leading the effort. Tristan, who has worked frequently with World Class in the past, could not immediately be reached for this story. He recently suggested the Carmelo's site could fetch in excess of $30 million.
In yet another Feb. 3 filing, 7400 South Congress LLC is seeking the court's permission to sell three parcels comprising 7.5 acres. The filing suggests the property was recently appraised for nearly $5.2 million.
Before filing for bankruptcy, World Class had agreed to sell the 7400 South Congress land to Rastegar Property Company LLC — headed by Nate Paul's former employee Ari Rastegar — for $10 million.
The new filing proposes that Rastegar Property Co. be the stalking horse bidder for 7400 South Congress LLC, meaning it will set the minimum bid price at a future auction for the property. If approved, the minimum purchase price would be $9.75 million. The bid includes a $500,00 non-refundable deposit as well as some buyer protections, according to court filings.
Feb. 3 was also a big day for World Class in the Texas Third Court of Appeals, where a judge awarded a victory to the real estate firm.
The judge halted a Dec. 10 district court order granting a receiver control of two World Class limited partnerships that own property downtown, WC 1st and Trinity LP and WC 3rd and Congress LP. Those two partnerships own four downtown properties: a lot at 99 Trinity St. just south of the Austin Convention Center and three parcels surrounding The Austonian skyscraper."