MIAMI – Nearly one year since the deadly
collapse of the Champlain Towers South in Surfside, the
beach side site where it once stood will officially go up
Judge Michael Hanzman approved the sale of the land and a
live auction for the property will be held on Tuesday, May
Michael T. Fay of Avison Young, the court-appointed receiver
to manage the disposition of the site, will conduct the live
auction at 10 a.m. in the judge’s chambers.
Bidding deposits and qualifications must be submitted to the
court-appointed receiver, Michael Goldberg, by Friday, May
20th. The starting bid begins at $120 million.
An offer for about $120 million has been
on the table for months. The highly motivated bidder
recently raised their deposit to $50 million.
“We are focused on
securing the highest and best possible value to owners,
survivors, and families of the Surfside collapse victims,”
The auction will take place one month before the anniversary
of the collapse. Ninety-eight people lost their lives on
June 24th, 2021 when the condo partially collapsed in less
than 20 seconds.
Money from the sale, as well as payouts from insurance
policies, will go to the owners of the 136-unit Champlain
Towers South building. Each unit owner will be paid a share
based on their ownership portion of a condominium unit and
for personal items that were lost. It does not include money
for wrongful death claims arising from the 98 fatalities.