Former Michelle building under contract

Filed under: Daily News | Tags:

The former Michelle ice cream building in downtown Colorado Springs is under contract to be sold.

The deal is expected to close within 14 days, said Rich Schur, auctioneer for Schur Success Realty & Auctions Co.

Absolute Equity Purchasers, based in Colorado Springs, bought the property for an undisclosed price in 2007, and the building has remained vacant.

Formerly owned by the Michopoulos family, the 3,756-square-foot building at 122 N. Tejon St. was put up for auction Oct. 8. Schur Success held the auction, which did not bring in a bid above the minimum asking price of $250,000.

Three bidders, however,  registered for the auction, submitting cashier’s checks for $10,000.

The current contract is with one of the original three  bidders, and the sale price is well above the minimum auction price, Schur said.

Read previous Business Journal coverage here.