November 1, 2007
NEWPORT BEACH, Calif. -- After a 20-day bidding war, which began at the minimum bid of $1 million, Adelphia Communications Corporation’s former headquarters building, located in Coudersport, Pennsylvania, was finally sold yesterday for $3.4 million to an undisclosed buyer. The auction for this particular property is now closed, although the official sale is pending approval by Adelphia’s Plan Administrator and set to close tentatively 45 days after approval.
LFC Online, in conjunction with the Grubb & Ellis Company, was selected by Adelphia to sell their former headquarters, along with several other properties around the country, in a “must sell,” accelerated online auction marketing campaign.
Although the original bid deadline was October 11th, the intense bidding activity and competition for this remaining icon of Adelphia’s empire pushed the online auction into “Last Call” for nearly three weeks. This patent-pending feature of LFC Online’s Internet-based auction process automatically extends the bid deadline in 24-hour increments until no further bids are received, allowing determined buyers the opportunity to decide the price they are willing to pay.
Over the 90-day accelerated online auction campaign, the Adelphia auction website received nearly 15,000 online visitors from around the world. Adelphia’s former headquarters building, often referred to as the ‘Taj Mahal’ by local Coudersport residents, received 31 bids, most of which were placed online during the “Last Call” period.
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