A bidding process is underway for the old Fannin’s auto dealership property on U.S. 60.
As part of court proceedings in Branch Banking and Trust Company v. Fannin Automotive Family, Inc., real property and all improvements, fixtures, applicable agreements, parking, access right of way and all other appurtenances on the real property at 7405 U.S. 60 was put up for bid.
The bidding deadline is set for May 8. If one or more qualifying bids are received by the deadline, an auction will take place at 7405 U.S. 60 on May 9 at 10 a.m.
The minimum qualifying bid is more than $3 million, according to an attorney with Kaplan, Johnson, Abate & Bird, LLP, the firm representing LS Associates, LLC, which is serving as the court-appointed receiver for Fannin and Fannin LLC.
The Fannin’s auto dealership ceased operation last year after a lawsuit by Branch Banking and Trust, which claimed the dealership defaulted on loans and owes the bank more than $17 million.
In September, an auction of merchandise, including commemorative coins and vehicles, was held at the dealership lot.