An auction for the foreclosed and still struggling Mall at Steamtown was postponed three weeks to give potential bidders more time to prepare bids, an agent involved in the upcoming online auction said.
The failure of retired department store chain owner Al Boscov’s past partnership to pay off the loan that led to the foreclosure does not disqualify him from bidding or being part of a bid, said Lynn DeMarco, contact agent for the Shopping Center Group LLC of New York City, which is facilitating the auction along with auction.com.
“This is an open auction, so anybody can bid,” Ms. DeMarco said Tuesday.
The auction, originally scheduled for Monday through today, was postponed to June 22 to 24. Bidding requires proof that bidders are viable and can come up with the money to fulfill their bids. Bidders will submit bids through the auction.com website in a fashion similar to an eBay auction. Bidders can see the highest bid as the auction unfolds. When the deadline for bids passes, the high bidder gets the mall, assuming the bidder has the money, Ms. DeMarco said.