Commonwealth of Massachusetts Division of Capital Asset Management (DCAM):
JJManning Auctioneers was commissioned by DCAM to conduct a series of Absolute Auctions of surplus state properties. Indicative of the success of this state program was the property at 61 Walnut Street in Lexington.
Containing 6.92 acres of zoned R-O single family land, it sold at absolute auction for far more money than would have been realized through a broker-facilitated sale. The winning bidder was an investor who went head to head with a developer who needed the land for access to an adjacent property he was developing.
The private investor eventually won the contest, and DCAM reaped the benefit in the form of a sale price of $5.61 million, double its pre-auction estimate and significantly more than it would have listed for with a real estate broker in a conventional sale.
Surplus electric company property in a waterfront industrial zone sold via sealed bid for 24 times the Reserve Price. Including a three-tank oil terminal and adecommissioned power plant, it was originally offered to the City of New Bedford for a dollar, but the city declined, largely because of a $3.25 million responsibility for environment cleanup that was part of the package.
NSTAR then decided to hold a sealed bid auction and instituted a $500,000 reserve. The winning bidder, Sprague International of Portsmouth, NH, coveted the property’s port facilities and bid upwards of $12 million (not including the environmental responsibility) to ensure its success.
Hebert Candy Mansion:
This historic property, long-time home to one of New England’s most venerated candy companies, was occupied by a tenant who had bought the Hebert name, fixtures, and equipment, and desired to purchase the building as well.
However, when agreement on a sale price could not be reached with Bank of America, the bank commissioned JJManning Auctioneers to auction the property.
The buyer turned out to be Frank Polito, a local investor who agreed to keep the candy company as his tenant, ensuring Hebert remained in the community. The winning bid was $3.17 million plus coverage of $73,000 in municipal liens.
Estate Sale, Stonington, CT:
An antique Colonial home on Quiambaug Cove needed serious repair but sat on 2.38 acres with development potential. The house featured four bedrooms, three fireplaces, a stone pier, and unparalleled views of the water, and an attached antique barn, previously moved from Pomfret, CT and reassembled on site, contained two stone fireplaces of its own.
Attracted by the investment potential, the auction attracted bidders from as far away as California. The Executor, the estate attorney, and the heir were so pleased with the $1,100,000 outcome that they celebrated with a champagne toast to their good fortune and to a majestic swan that appeared in the cove during the auction.