The latest foreclosure sale for the former 3M site at 6801 River Place Blvd. is set for Dec. 3, according to sources.
World Class avoided a previous foreclosure sale that had been scheduled for Oct. 1 and another that was set for Nov. 5.
“Lender Tuebor REIT Sub LLC has once again engaged the substitute trustee to sell the former 3M campus in northwest Austin at a foreclosure auction Dec. 3,” Jan Buchholz posted on Monday. She is an Austin real estate journalist who researches details and publishes them at ATX Real Estate News (atxrealestatenews.com).
Austin Business Journal also published this week on Wednesday that lender Tuebor REIT “continues to push for a foreclosure sale. The lender filed a notice of substitute trustee’s sale on Nov. 8 stating its intent to sell the campus on the west steps of the Travis County Courthouse on Dec. 3.”
CBRE Group’s Tricia Motz was appointed receiver for the property in late September.
“But court filings show Tuebor is prepared to terminate the receivership if it will help speed up the foreclosure process,” Austin Business Journal stated in its Nov. 20 article.
The Journal stated in its article: “A hearing has been scheduled on Nov. 26 to consider Tuebor’s motion for an order authorizing a Dec. 3 foreclosure sale, or for an order terminating the receivership to clear the path for foreclosure.”
It is reported there are costly expenses associated with the site, which includes 11 buildings and a power plant on 156 acres. Expenses are accumulating, according to court records, including operating the on-site power plant, property maintenance, utility bills and insurance.
The site was renamed Silicon Hills Campus LLC by World Class Holdings, which was raided by the FBI on August 14.
The value of the property was assessed at $81 million by the Travis Central Appraisal District in 2019. World Class said in court filings the property is worth as much as $200 million, Austin Business Journal reported earlier.