Sept 22, 2013 snippet from Kim Magi of TheStar.com (full story here)
A unit in Toronto’s troubled Trump Hotel up for auction Sunday only received one bid and below the minimum offer.
Kashif Khan, managing director of Toronto-based Ritchies Auctioneers, said the $550,000 bid will be taken to the owner of the unit."
“At that price, we can’t close the deal . . . but we will be presenting the offer to the seller,” he said. “We don’t know (if he will accept) — crazy things happen.”
The owner of the unit, a local real estate broker, commissioned Ritchies weeks ago to sell the suite at a 30 per cent or more discount after seeing about a dozen other units in the hotel stalled on MLS for months. A similar unit in the tower, located on the corner of Bay and Adelaide Sts., is currently listed by developer Talon International at $1.6 million.
Earlier this week, a number of people expected to make an offer on the 950-sq-ft hotel suite, but Khan said the last-minute location change of the auction saw their anticipated number drop by two-thirds.
The auction was supposed to take place in the hotel’s ballroom, but Trump executives said they didn’t want a sale of a unit in the building to happen on site.
Gazundering rules were first reported here. Auctions are now
History, Charts & Curated Readings
"Progress, far from consisting in change, depends on retentiveness. When change is absolute there remains no being to improve and no direction is set for possible improvement; and when experience is not retained, as among savages, infancy is perpetual. Those who cannot remember the past are condemned to repeat it." George Santayana Vol. I, Reason in Common Sense
"History, real solemn history, I cannot be interested in.... I read it a little as a duty; but it tells me nothing that does not either vex or weary me. The quarrels of popes and kings, with wars and pestilences in every page; the men all so good for nothing, and hardly any women at all - it is very tiresome." Jane Austen spoken by Catherine Morland in 'Northanger Abbey'