Showroom set for auction

Jan. 03, 2013 @ 04:36 AM

A High Point Market showroom building that’s been ensnared in foreclosure and bankruptcy for the better part of a year is set to be sold at auction next month.
Hamilton Square, the 115,000-square-foot complex at 101 S. Hamilton St., will be auctioned on site at 11 a.m. Feb. 12. The auction will include an online bidding option, according to Rogers Auction Group based in Mount Airy. Rogers Auction Group will serve as an agent for the bankruptcy trustee to auction the property, said broker Mark Rogers. 
Final bids are subject to approval by the U.S. Bankruptcy Court before any sale is finalized, Rogers told The High Point Enterprise.
A court hearing on the Hamilton Square Chapter 7 bankruptcy case is scheduled for Feb. 14, said trustee Everett Saslow Jr., a Greensboro attorney. The results of the auction would be presented to the court, Saslow said.
Rogers said that no minimum bid is required for Hamilton Square, but the court will have final say over whether the highest qualified bid is accepted.
The ownership fate of Hamilton Square has been in flux for almost a year after the main lender on the property sought a foreclosure because of delinquent loan payments.
The foreclosure sale was supposed to have taken place last spring, then was delayed into the summer. But the foreclosure sale didn’t happen because the local owner, McDonald Capital Properties Alpha, filed for Chapter 7 in the U.S. Bankruptcy Court for the Middle District of North Carolina.
Hamilton Square has continued to operate as a furniture market trade showroom during the proceedings.
The building opened in 1986 and was renovated six years ago, according to Rogers Auction Group. Hamilton Square is in the heart of the High Point Market district downtown.

pjohnson@hpe.com | 888-3528