Auction.com Sells 187 Real Estate Assets For $453M

Law360, New York (October 24, 2011, 6:27 PM EDT) -- Real estate auctioneer Auction.com LLC sold 187 nonperforming notes and foreclosed properties, including a 47-acre shopping mall in Chattanooga, Tenn., raising $453 million for several banks and other institutional clients who owned the tarnished assets, the company said Monday.

The Irvine, Calif.-based company said it sold 187 out of 305 assets, concentrated in the Southeastern U.S., that had been put on the virtual auction block, calling the ratio a success that illustrates strong interest in the market for distressed real estate.

The sale was the largest yet handled...
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