Spitzer Building sheriff's sale auction draws zero bidder

6/13/2013

A sheriff's sale auction of Toledo's Spitzer Building was held today, but drew no bidders.

As a result, a second auction has been scheduled for June 27.

If the 10-story building, located at 520 Madison Ave., draws no bidders at the second auction, ownership of the building will revert to the Lucas County Land Reutilization Corporation, otherwise known as the County Land Bank.

The Land Bank, whose mission is to return vacant or abandoned properties to productive use, would have the power to redevelop the building by hiring a developer or other interested party looking to restore it. It also could hire a management firm to run the Spitzer Building, or it could sell the property.

The 107-year-old building has has been in foreclosure since January, 2011.