The Spitzer Building will once again be removed from a Lucas County Sheriff sale list following a payment by owner Koray Ergur that keeps it from public auction.
The landmark downtown Spitzer Building – a one-time hub of Toledo’s legal community that was shuttered in December – will once again be removed from a Lucas County Sheriff sale list following a payment by owner Koray Ergur that keeps it from public auction.
Mr. Ergur sent a check for $922,632 to “pay off a substantial amount” of the foreclosure judgment on the building, said Scott Ciolek, the attorney representing court-appointed receiver Patrice Spitzer.
“That covers the base amount of what the judgment was, without the interest added,” Mr. Ciolek said. “And as such, we are going to cancel the sheriff sales that have been scheduled in the hope he will pay off the balance before we have to reschedule."
Mr. Ergur could not be reached for comment. He owes about $250,000 additionally to cover interest, Mr. Ciolek said.
“For the Spitzers, they have always hoped to be paid for the building and that it would go into the hands of people who would redevelop it,” Mr. Ciolek said. “Mr. Ergur's new investors hopefully will be those people but what they will do with it and who the backers are, is unclear to me.”
A sheriff's sale was scheduled for April 9. Lucas County Clerk of Courts Bernie Quilter confirmed a check was delivered Monday.