Monday, Aug 29, 2016
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Real Estate

Second auction of Spitzer Building postponed

Former owner files for bankruptcy protection in Calif. court

A second auction for downtown Toledo’s Spitzer Building was postponed this morning after the building’s former owner filed for bankruptcy protection in a California court.

The 107-year-old Spitzer Building, at 520 Madison Ave., has been in foreclosure since January, 2011. Today was set to be the second and final Lucas County Sheriff’s auction. An auction earlier this month drew no bids.

However, the auction was canceled because of the bankruptcy filing of EPE Spitzer Building, a California-based private equity firm that purchased the Spitzer Building in 2009.

Attorney Scott Ciolek, who represents the building’s court-appointed receiver, said the filing is another attempt to delay the sale by Koray Ergur, the man who owns the private equity firm.

Mr. Ciolek said the building will continue operating as it has for the time being. He hopes to have the filing dismissed and be able to move forward with the auction in the next couple of weeks.

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