What’s next for the former entertainment hub? – WSOC TV


CHARLOTTE — The once-iconic downtown epicenter was sold to the highest and only bidder on Tuesday.

Deutsche Bank Trust Company Americas, the bank that lent the previous owner money for the property, made a starting bid of $95 million.

There were more than a dozen interested people at the Mecklenburg County Courthouse for the auction Tuesday morning. However, none of them made an offer after the initial offer.

This means that Deutsche Bank will own the property, as is, by the end of the month after a period of 10 days.

During this period, anyone wishing to place a bid may do so. An upset bid would force the person or company to pay 5% more than the $95 million the Epicenter was auctioned for.

“I would say it’s not final,” said Heather Culp, a bankruptcy attorney who handles cases like this. Culp is not involved in the Epicenter case but has discussed what might happen, based on her experience with similar cases.

“I wouldn’t expect them to go out and find a buyer to bid on,” she said. “I’m sure they’re getting calls from people about today’s offer so they can figure out if they want to buy it.”

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If someone makes an upset bid within the next 10 days, a new 10 day period would begin for anyone else wishing to place another upset bid. At the end of a period, the last upset bidder would own the EpiCentre.

However, if no one makes a surprise offer by the end of August, Deutsche Bank would be the owner and could then sell the property privately, Culp said.

This means that the future of the epicenter and what will end up being there is still up in the air.

Another status hearing is scheduled for October 31.

(WATCH BELOW: Epicenter likely to stay with current lender after no higher offers were offered)

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