News Column

Detroit Club bidding ends at $2.9M, but not high enough for a winner

August 1, 2014

By JC Reindl, Detroit Free Press



Aug. 01--Bidding reached $2.9 million Thursday in an auction for the Detroit Club, but fell short of the secret minimum threshold for a sale.

The two-day online auction of the four-story, stone and red-brick building ran a half-hour longer than scheduled as a bidding war added time to the clock. Yet the final bid came in below the reserve price needed to trigger a sale.

The next step for the 1892 clubhouse at Cass and Fort was not immediately clear.

The club's owner, real estate investor Emre Uralli, bought the Romanesque Revival-style building for $1 million in late December and did significant interior renovations. The auction began Tuesday with a $950,000 minimum bid.

A representative for Uralli did not return messages for comment.

The building was home to the Detroit Club until seven months ago. The club previously sold the building for $280,000 in 2011 to members Nick and Lorna Abraham, who leased space to the club as its membership fell below 30.

Some club members said they were surprised when the Abrahams later sold to Uralli for $1 million.

The club and Uralli have been in a legal dispute since February over ownership of various antiques that were left in the building.

Both parties met with a court-ordered facilitator Thursday in hopes of settling matters.

The facilitation session ran close to seven hours but ended without an agreement, according to Ryan Hill of the Detroit Legal Group, the club's lawyer.

The parties are to return to court Aug. 12 and meet with Wayne County Circuit Judge Daniel Ryan, Hill said.

Contact JC Reindl: 313-222-6631 or jcreindl@freepress.com. Follow him on Twitter @JCReindl.

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(c)2014 the Detroit Free Press

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Source: Detroit Free Press (MI)


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