Psst. Want to buy a corporate headquarters, barely used? Grubb & Ellis and auction house LFC have the listing on the former headquarters of Adelphia Communications. That’s the cable tv business whose founder, John Rigas, was convicted of looting the now bankrupt company in 2004. Rigas, 82, is presently serving 15 years in the federal pen, along with his son Timothy. LFC broker Jack Ukropina says the auction will close on Oct. 11. Bidders must put up a $50,000 deposit.
The building is in the rural Pennsylvania hamlet of Cloudersport. But it could be a steal. Bidding starts at $1 million. “If this were in Los Angeles it be worth $30 million,” says broker Ukropina. The four-story, 72,000 square foot building opened in 2003 but was barely occupied. It’s now owned by company creditors.
The exterior of the building is polished granite. The interior is finished out in brass, bronze, granite and cherry wood. “No expense spared…obviously,” says an ad taken about the brokers.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.