Buyers didn’t show up for the latest sale at the old JCPenney building next to West Oaks Mall. So Wachovia Bank will foreclose on the property soon, the CoStar Group reports.
The bankruptcy trustee for the collapsed financial empire of Edward H. Okun had listed the vacant building, which Okun’s 1031 Tax Group had bought for $4 million. But no buyers were willing to pay even the amount of the financing, which was $3 million.
The Houston JCPenney building and a mall in Salina, Kansas — also now facing foreclosure — are Okun’s last remaining properties.
- Trustee’s Newsletter #12 [The 1031 Tax Group Bankruptcy Trustee]
- Last of Okun Empire Will End in Foreclosure [CoStar Group]
- Previously in Swamplot: West Oaks Mall Bankruptcy Sale: JCPenneys on the Dollar, West Oaks Mall: Your Exchanges Are No Good Here