Tranzon Driggers was approved by the US Federal Bankruptcy Court, Middle District, Tampa on October 21, 2016 to market and sell the real estate assets of the Debtor in case # 8:16-bk-00737-CPM, Nelco MLK Properties, LLC consisting of a 1.97± AC commercial land parcel in Tampa, Florida.
A marketing campaign was immediately implemented to advertise the sale. Marketing included a sign on the property, print ads in local newspapers, websites including Tranzon.com along with a myriad of other real estate focused websites, targeted ads in social media outlets, and email blasts to targeted groups of potential bidders.
The response to the campaign netted over 11,000 web page views from people in fourteen states. Forty-seven people downloaded the Property Information Package and three brokers registered buyers for the auction. Five third-party bidders tendered deposits of $10,000 for the privilege to bid.
Bidders placed nearly ninety bids in the online auction. The high bid exceeded the secured creditor’s limit and the property was sold to a third-party high bidder. A 10% Buyer’s Premium was added to the High Bid and included in the Purchase Price. In addition to the Purchase Price, the buyer paid 1.) a $25,000 fee to the bankrupt estate to offset legal fees and court costs, 2.) all closing costs, and 3.) ad valorem taxes totaling $34,000±.
The buyer closed the transaction as scheduled within 30 days of the auction.