Williams & Williams, the premier brand in real estate auction, on behalf of the City of Pontiac, Mich., announced Monday that the auction for the Pontiac Silverdome was won by a family-owned real estate company based in Toronto, Canada with a high bid of $583,000. The winning bidder plans to refurbish the stadium and utilize it for men’s Major League Soccer and women’s professional soccer teams. The successful bidder’s name is not being released until final details are worked out and the sale closes.

Fred Leeb, the emergency financial manager for the City of Pontiac stated a number of reasons why he deemed the auction a success.

* We recognized the problem and made the tough decision to base the sale on reality rather than dreams of higher sale prices and procrastination.

* The Silverdome will now be in the hands of professionals who can devote their time to transform this high-profile property into a vital asset instead of enabling it to continue to languish as an empty facility. Any improvements will be for the benefit of Pontiac because the property, of course, will stay in Pontiac, the property isn’t moving anywhere.

* The ongoing maintenance cost of $1.5 million a year will be eliminated and the property will go back on the tax rolls.

* The City staff will go back to working on our extremely successful union negotiations, cost reduction efforts, revenue improvements and other positive aspects of our turnaround that is already underway.

* Pontiac will become more prominent as a great place for new business due to its favorable business climate and the host of tax incentive programs that are available in very few cities in the entire country.” 

“This future-focused investment is good news for the City of Pontiac and is an exciting step forward for the community, city and state,” Leeb said. “It was our goal to sell the Silverdome by the end of the year and relieve the city of its annual financial burden of $1.5 million to maintain the Dome. Williams & Williams did an amazing job marketing and attracting global buyer interest in this property.  We couldn’t have asked for a better partner in this effort.

"Williams & Williams designed and executed a worldwide, multi-media advertising and publicity campaign that attracted interest from 84 countries and generated over 150 inquiries from potential buyers. We knew that it was going to be very tough so we reached out globally to find a creative buyer group that probably would have to look beyond the typical entertainment venue, apartment complex, or shopping center concepts."

“We feel very fortunate to have had the opportunity to find a new steward for the Silverdome on behalf of the City of Pontiac and the State of Michigan," said Dean Williams, chairman and CEO of Williams & Williams. "There was interest from around the world in this property and, of all of the possible outcomes and uses, we are pleased the Dome will build on its past and be revitalized as a major sports venue. ”

Williams & Williams, the premier brand in real estate auction, in partnership with Auction Network, will conduct two days of commercial real estate auctions in Baton Rouge, La., and Natchez, Miss., on Nov. 17-18, 2009. Interested buyers can bid onsite or online.

Kicking off with a live Studio Auction at 5pC on Nov. 17 at the Eola Hotel in Natchez and ending with a second Studio Auction at 4pC on Nov. 18 at the Hilton Capital Center in Baton Rouge, Williams & Williams will auction 10 choice commercial and historic properties as well as development land on behalf of Bob Dean Classic Properties.

“There is global appeal to both Baton Rouge and Natchez,” said Bob Dean of Bob Dean Classic Properties. “I selected Williams & Williams to auction my properties due to the company’s proven ability to bring the global market to each property to achieve the highest possible market value.”

The Natchez Studio Auction will offer buyers a rare opportunity to acquire historic properties including the 131-room Eola Hotel on the National Register of Historic Places; the Guest House, an intimate bed and breakfast; and The Prentiss Club, a private event hall for social gatherings.

The Baton Rouge Studio Auction will offer the Dean Tower, a 14-story Class B office building in Baton Rouge's mid-city corridor; the six-story Regions Bank Building; the Commerce Building, an eight-story, downtown office building providing approximately 115,000 gross square feet; the historic Cangelosi Home and assemblage; and Choctaw warehouses, as well as 77+/- acres of development land.

Williams & Williams will also auction two former senior care facilities in Lake Charles, La., and Opelousas, La., via absolute without reserve auction.

“Baton Rouge is one of the top 20 strongest metros in the United States,” said Pam McKissick, Williams & Williams President and COO. “This is a huge opportunity for successful business or redevelopment in Baton Rouge’s thriving business district and the excitement of auction will attract buyers from around the world.”

Natchez Auction Preview: The Prentiss Club

Currently used as a private event hall for social gatherings, the Prentiss Club was chartered as a private men's club in 1903 by the state and “was created for social and literary purposes only.” The club was named in honor of noted orator and attorney, Sergeant S. Prentiss. A portrait sculpture of him adorns the façade of the building.

Designed by Soule and MacDonald of New Orleans and built by local contractors (Stietenroth and Dowds), the Renaissance Revival building is solidly constructed of brick, stone, iron, tile and terracotta and distinguished by a columned Loggia leading to a 72 foot long tiled terrace. The jewel of the elegant reception hall is a handsome double staircase, which leads guests to two ornate bedroom suites upstairs, along with an ornate ballroom.

The Prentiss Club was the center of much of the social activity of the city prior to the opening of the Eola Hotel in 1927. For a time it was used as a Masonic Temple. In 1976, then owner, Deposit Guaranty Bank, applied to demolish it for a parking lot. Three local women purchased the building and are owed a great debt for rescuing one of the few fine 20th century buildings in the city.

A deposit of $100,000 is required to bid on this property. Furnishings do not convey with the real estate.

Natchez Auction Preview: The Eola Hotel

Built in 1927, renovated in 1998, and listed on the National Register of Historic Places, the 131-room Natchez Eola Hotel offers its guests the ambiance and charm of the Old South with the convenience of modern amenities. The Natchez Eola Hotel is graced with elegant interiors, arched doorways, crystal chandeliers, marble trim, stately columns, Mississippi River view balconies and a New Orleans courtyard with an original fire-and-water fountain.

Grand and stately, the Eola Hotel is furnished throughout with fine antiques, original oil paintings, statuary fountains and lush florals. Step out of the Eola's courtyard into the heart of historic downtown Natchez, where you'll discover Natchez Under-the-Hill, riverboat gambling, and the city's renowned Antiques Row, all within walking distance of the Eola. Horse-drawn carriages will deliver you to the door of magnificent antebellum mansions graced with innumerable white columns, rich Italian marble and moss-laden trees.

Named "Eola" after the developer's daughter, the Natchez Eola Hotel opened on July 1, 1927. Local newspapers hailed the hotel as a symbol of civic progress. Beginning in 1932, the Eola became headquarters for the annual Natchez Spring Pilgrimage.

The hotel enjoyed years of prosperity and celebrity visits, but by the 1960s, was showing its age. It quietly closed in 1974. Then, in 1978, under new ownership, a major restoration project commenced. Six and one-half million dollars later, the landmark hotel reopened. Elaborate chandeliers, columns, arched doorways, marble trim, and the famed "Peacock Alley" were returned to their original splendor. Preservation efforts sensitive to the original architecture earned the Natchez Eola membership in the National Register of Historic Places. The premier historic hotel property in Natchez, Miss., the Eola once again is a command center to the annual antebellum home pilgrimages. The hotel hosts the annual Natchez Antiques Forum.

The tallest building in downtown Natchez, the seven-story Eola Hotel overlooks the city from the corner of Main and Pearl Streets. Just two blocks from the Mississippi River, and one block from the city's new convention center, the hotel is within easy walking distance of most of the city's attractions, restaurants, and nightlife.

The Natchez Eola Hotel offers the finest convention and meeting facilities in the area. The greatest care has been taken to create functional spaces that do not sacrifice the elegant ambiance of this historic hotel. With +/- 3,995 square feet of meeting space, the Eola Hotel provides meeting spaces that range from small boardrooms that seat a dozen individuals to a grand ballroom, which can accommodate 400 guests. Lé Grand Pré Ballroom, on the mezzanine, offers a beautiful space for private dinners and receptions. The Grand Pré seats up to 250 people for banquets and 400 people for receptions. The ballroom can be divided into four private rooms that will accommodate groups from 15 to 110 people.

Rooms are handicapped accessible along with smoking and non-smoking. Some rooms come furnished with refrigerators, microwaves, ice machines, and fireplaces, along with balconies and/or connecting balconies. The premium suite comes with a jacuzzi and fireplace. Other amenities include: data ports, voice mail, cable television, radio & alarm clocks, coffee makers, hair dryers, irons and ironing boards.

A deposit of $100,000 is required to bid on this property. For this property, there may be an additional fee (to be determined) to the high bid for personal property conveying with the real estate.

Natchez Auction Preview: Bed & Breakfast

The Guest House, an intimate hotel/bed and breakfast, has 16 exquisitely appointed and furnished guest rooms. Located in the heart of the oldest settlement on the Mississippi River and originally built in the 1840s, The Guest House offers visitors a unique and unforgettable Southern hospitality experience of the true South. The Guest House was originally a one-and-a-half story, Greek Revival townhouse built for Samuel and Jane Newman in the mid-1840s. As originally built and documented in historic photographs, the Guest House resembled the nearby John Smith House, a smaller brick cottage at the corner of North Pearl and Jefferson Streets.

In 1902-03, the second story was completed, which is the reason for the difference of windows between the first and second floor. Since the Victorian Era renovation, many architectural features were changed from the original Greek Revival architecture. Fireplace mantels and door moldings were "modernized" into the Victorian style and the front pediment and four massive columns added. The enlarged and remodeled building also featured a swimming pool at the rear where the courtyard exists today.

The dedication to preserve the original architecture style and décor of the property, the Guest House is celebrating its 26th year as a fine hospitality establishment in the heart of historic downtown Natchez.

A bid deposit of $100,000 is required to bid on this property.

For more information visit williamsauction.com

Williams & Williams, the premier brand in real estate auctions, is selling the Silverdome in Pontiac, Mich., and 127^+/- surrounding acres, through an Absolute, No Reserve Auction in partnership with CB Richard Ellis on behalf of the City of Pontiac.

Willimas & Williams is accepting sealed bids for the Silverdome Auction through Thursday, Nov. 12 at 4p EST. At that time, the City of Pontiac, in its sole discretion, may declare the high bidder the winner and end the auction or the city may elect to invite no more than the top five high bidders to a live “best and final” outcry auction held in Pontiac on Monday, Nov. 16, 2009 at 1p EST at the Marriott Hotel.

Considered an excellent high-profile redevelopment opportunity, the Pontiac Silverdome, an 80,300-seat stadium, is prominently situated on 127^+/- acres accessible by I-75 and M-59. The “gateway site” will lend interested buyers an array of development options.

“We are excited about the Pontiac Silverdome Auction and finding a new owner to become a key member of our community,” said City of Pontiac Emergency Financial Manager Fred Leeb. “The decision to sell via absolute auction illustrates our commitment to sell the stadium and convert an expense into a vibrant future development.”

Interested bidders should contact Dan Falls of Williams & Williams at 918.362.6558 or go to www.williamsauction.com/silverdome for bid package.

Al Capone's legend of bootlegging, gangland slayings and tax evasion lives on more than 60 years after the Chicago gangster's death. Now comes a footnote that is a sign of the times: foreclosure.

A Wisconsin lodge that may have been one of Capone's old hideouts goes on the auction block this week with a starting bid of $2.6 million.

The two-story stone lodge, tucked away on 407 acres in Couderay, Wis., was owned by the Capone family in the 1920s. It will be auctioned Thursday on the steps of the Sawyer County Courthouse, three hours from Minneapolis, Minn., according to an ad in the Chicago Tribune.

The property includes a 37-acre lake and eight-car garage.

The Tribune ad was placed in September by the Chippewa Valley Bank. The property,owned by Hideout Inc. owner Guy Houston, went into foreclosure in April 2008. The Houston family purchased the property in the 1950s and transformed the home into a touist spot. Visitors paid a few dollars for a walking tour of Capone's reputed hideout. The lodge is fortified with stone walls at least a foot thick and a guard tower. There is a separate facility that resembles a jail on site.

You know the drill. That new special someone comes flying into your life like Dale Earnhardt, Jr., taking the last turn at Daytona and just like that you morph into a love-sick moron. Sappy e-mails and texts, watching shows you’ve never heard of, opening car doors, daily showers and daydreaming ensues. Every broken heart you’ve suffered and restraining order you filed (or disregarded) seem like they never happened.

And then you find out that the love of your life has a few extra details they feel compelled to share.

A couple of kids? OK.
Still live with mom? Yeah, OK.
Escort? Huh?

Buying real estate at auction can be somewhat similar with disclosures that need to be made before the relationship between seller and high bidder can be consummated.

The question is can you handle the truth? Or the terms of sale?

When registering for auctions (online or in person), bidders are typically required to accept terms of sale. This CYA is in place to protect yourself and the seller … alerting everyone to what is expected before the exchange of deed can take place. But as with any legal document, don’t let all the “Hence to Forth …” sap your excitement. Just look up all the big words, read through everything carefully and fully understand how much skin you’re putting in the game.

For instance, during the Live & Absolute Home Auction taking place on June 20, all the properties are being sold by Williams & Williams (in partnership with the Auction Network) “As Is, Where Is” with no financing, approval or other gatekeepers between you and the sale. Confused? Let’s say you want a can of Diet Coke sitting on my desk. Feel free to make me an offer. I can’t guarantee that nobody passed by and spit in it, but then again, it may have just been opened and left there by someone else or it could be filled with mint silver dollars. Sure it’s a little risky, but you can’t pass “Go” and collect $200 in Monopoly without rolling the dice.

Since the majority of these 60 properties ended up in the auction following foreclosure procedures there will more often than not be additional taxes, unpaid utility bills, or other encumbrances associated with each property. These will need to be paid or settled by the high bidders either before a special warranty deed can be issued or after a quit claim deed is issued by the seller.

Prior to the auction of each property, the auctioneer will state the known disclosures that need attention. Keep in mind that W&W has used best efforts to identify all encumbrances for each property using good faith research, but can’t rule out that some tax lien isn’t sitting out there or that a homeowners association doesn’t still think they are owed $100 for a mowing bill that wasn’t paid years ago.

What if a home has a hefty tax bill? You’ll need to add that to the cost. But, remember many things can be negotiated especially these days. Check with the agency that holds the tax bill prior to closing. Perhaps the house’s appraised value declined significantly giving you the argument that the tax bill should be reduced proportionately. You’re the new owner, not the deadbeat who stiffed the bank and the tax office. Try to get them to work with you.

Or maybe the bill was actually paid and not removed from public record.

In advance of bidding on any property do your own research and due diligence.

Each property listed on auctionnetwork.com in the Live & Absolute Home Auction catalog has a link for “property details.” After clicking there, you will see additional images, estimated value calculator, time of auction, descriptions and a list of specific disclosures. Among the disclosures will be any of the encumbrances Williams & Williams were able to verify. Add those debts to what you’re willing to pay, plus estimated costs for repairs. Then compare that total to some of the area comps for similar homes and rent prices in the neighborhood. This should not only provide you some reasonable expectation in terms of the total outlay, but also give you a solid blueprint on which you can fulfill your goal at the auction.

Live & Absolute Home Auction

When: June 20, 2009
Where: Tulsa, Okla.
Auction Time: 3pE/2pC
What's The Deal?: Over 60 homes will be sold absolute without reserve to the highest bidders during a live, televised auction conducted by Auction Network in partnership with Williams & Williams. Interested buyers from around the globe can bid in person, online or over the telephone on single family homes in Florida, Georgia, Indiana, Michigan, Pennsylvania, Oklahoma and many other states across America. The live event coverage will be broadcast nationally on ION Television Network on Dish Network Ch. 217 and DIRECTV Ch. 347 and on Golden Eagle Broadcasting (GEB) locally (in Tulsa) on KGEB 53, Cox Cable 23 and online at auctionnetwork.com. Buyers planning to bid remotely via the Internet are encouraged to pre-register at auctionnetwork.com. Bids can also be placed over the telephone during the live event by calling 1.866.231.8011. The Live Absolute Home Auctions event presented by Auction Network and Williams & Williams will also take place in front of a live audience at the Golden Eagle Broadcast Center located at 81st and Lewis in Tulsa, Okla. Doors will open at 1p CDT and interested bidders should register on site 30 minutes prior to the start of the auctions. Registration is free.
Register: Click here
View Catalog: Click here      

With low interest rates, a plethora of financing options and companies angling for your business, you too can now relax in your own swimming pool or add one to an investment property.

But before you start slapping yourself on your soon-to-be sunburned back over the good news, you’ll have to decide what shape your water wonderland will take. Not counting kiddie wadding pools there are two basic types: above-ground and in-ground.

Usually costing a third of what an in-ground pool would run, above-ground pools set up on level ground (hence the name) and consist of heavy-duty liners fit over some type of supporting structure made of wood, aluminum or steel. The more popular shapes are round, oval or rectangular. Some, including recent versions constructed of rubber, can be taken down or moved once drained and disassembled. Just like their in-ground cousins, these are fully functioning pools with electricity, pumps and filters.

Before opting for this version, check with your local home-owner’s association covenant, as they are sometimes not allowed in certain neighborhoods. At the same time, above-ground pools are usually not taxed as property improvements. 

There are at least three popular options when it comes to digging a big hole in your property. Ones with vinyl liners are reinforced by a supporting framework that is built into the ground. They are the least expensive version but the liners may need to be replaced within 10 years with good upkeep. Another option is a fiberglass variety that is built off-site and dropped into a hole and then fitted with piping. The most expensive version is a gunite pool in which concrete is sprayed over a basket framework made up of steel rods and wire mesh and then textured with a paintable white plaster.

There’s more to owning a pool than just having a really cool pocket of water to jump in to. Whether you go with an above- or in-ground variety, you will probably need to invest in the following:
    • Filter system and skimmers to keep the water clean
    • Steps or ladders (unless they are built into the design)
    • Heating equipment if you live in a predominately cold climate
    • Decking (either wood for above-ground or concrete/stone for in-ground)
    • Pool cover for retaining heat and keeping out debris
    • Some type of fencing (with latch) to keep children and pets from falling in
    • Housing structure to keep the pumps safe from elements and hazards
    • Hand rails, diving boards and lights, which are not necessary but can add to the look

Live & Absolute Home Auction

When: June 20, 2009
Where: Tulsa, Okla.
Auction Time: 3pE/2pC
What's The Deal?: Over 60 homes will be sold absolute without reserve to the highest bidders during a live, televised auction conducted by Auction Network in partnership with Williams & Williams. Interested buyers from around the globe can bid in person, online or over the telephone on single family homes in Florida, Georgia, Indiana, Michigan, Pennsylvania, Oklahoma and many other states across America. The live event coverage will be broadcast nationally on ION Television Network on Dish Network Ch. 217 and DIRECTV Ch. 347 and on Golden Eagle Broadcasting (GEB) locally (in Tulsa) on KGEB 53, Cox Cable 23 and online at auctionnetwork.com. Buyers planning to bid remotely via the Internet are encouraged to pre-register at auctionnetwork.com. Bids can also be placed over the telephone during the live event by calling 1.866.231.8011. The Live Absolute Home Auctions event presented by Auction Network and Williams & Williams will also take place in front of a live audience at the Golden Eagle Broadcast Center located at 81st and Lewis in Tulsa, Okla. Doors will open at 1p CDT and interested bidders should register on site 30 minutes prior to the start of the auctions. Registration is free.
Register: Click here
View Catalog: Click here      

Over 60 homes will be sold absolute without reserve to the highest bidders during a live, televised auction conducted by Auction Network in partnership with Williams & Williams on Saturday, June 20, from 3p-7p EDT.

Interested buyers from around the globe can bid in person, online or over the telephone on single family homes in Florida, Georgia, Indiana, Michigan, Pennsylvania, Oklahoma and many other states across America.

“There’s a growing interest in buying real estate at market value and we want to make it an experience that’s fun, exciting and easy to participate,” said Fontana Fitzwilson, general manager of Auction Network. “Auction Network gives viewers a front-row seat to the auction and allows them to bid real time from the comfort of their home.”

The live event coverage will be broadcast nationally on ION Television Network on Dish Network Ch. 217 and DIRECTV Ch. 347 and on Golden Eagle Broadcasting (GEB) locally (in Tulsa) on KGEB 53, Cox Cable 23 and online at auctionnetwork.com. Buyers planning to bid remotely via the Internet are encouraged to pre-register at auctionnetwork.com. Bids can also be placed over the telephone during the live event by calling 1.866.231.8011.

Virtual tours, pictures and complete property details can be found by clicking here.

The Live Absolute Home Auctions event presented by Auction Network and Williams & Williams will also take place in front of a live audience at the Golden Eagle Broadcast Center located at 81st and Lewis in Tulsa, Okla. Doors will open at 1p CDT and interested bidders should register on site 30 minutes prior to the start of the auctions. Registration is free.

“This event is a great opportunity for first-time home buyers and investors from the Tulsa, Oklahoma area and all around world to buy homes at real market value,” said Pamela L. McKissick, President and COO of Williams & Williams. “An absolute auction gives bidders the added confidence that the high bidder will be the winner.” 

Tulsa, Oklahoma-based Williams & Williams, the premier name in real estate auction, is a global auctioneer for all types of real estate including REO, commercial, farms, ranches and premiere residential and offers turn-key solutions from property preservation to closing. The company auctions more than a thousand properties every month and offers auction services throughout the United States, serving thousands of individual clients and the U.S.’s largest financial and investment firms and government agencies. 

If you’re in the market for a flip, fixer-up, party house or want to finally get the kids out of your house, these next two days might offer just what you’re looking for as the Auction Network travels to 35 locations to provide online bidding. On the road with real estate auction house Williams & Williams, the AN team is giving you at home, work and wherever the chance to bid on properties from Massachusetts and Rhode Island to Kansas and Missouri.

To bid, you’ll need to be registered and can do so by going to AuctionNetwork.com.

To see the catalog of properties, click here.

Disgraced Atlanta Falcon quarterback Michael Vick’s crib goes to auction next week (March 10) as part of his bankruptcy case. The minimum bid will be $3.2 million for the eight-bedroom, 20,000-square-foot home on Darlington Run in the gated Sugarloaf Country Club. Bidding will be in $25,000 increments until a bid of $3.3 million is reached. Bids will then be done in $10,000 increments.

Vick is currently serving a 23-month in federal prison for felony charges related to dog fighting. He is scheduled to be released to home confinement in May.

No word yet on whether part of his release will include Vick being covered in puppy chow and thrown into a room with a few hundred vigilantly pit bulls.
 

One auctioneer says it may be the largest land auction in North Dakota history.

More than 16,000 acres of Stutsman County land, broken into 39 parcels, is being auctioned off at the Jamestown Civic Center. The sale will settle the estate of Walter Holzworth, who died in late 2007.

"This is possibly the largest land auction in North Dakota history," said Vince Bitz, the auctioneer for the sale. "If there has been a larger auction, we haven't been able to find any information about it."