Receivers Auction Moves Pezzo Construction Closer to Final Dissolution

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United Country – Gryphon Realty & Auction Group has completed the final auction of commercial assets stemming from the shutdown of Pezzo Construction of Columbus, Ohio.

The auction team put together an excellent offering that exceeded expectations by over $20,000

United Country – Gryphon Realty & Auction Group has completed the final auction of commercial assets stemming from the shutdown of Pezzo Construction of Columbus, Ohio. Two parcels of real estate, including the auction site and a parcel of land originally selected for Pezzo office headquarters, are still available for purchase.

The auction, conducted live on site coupled with internet bidding, generated 51 on site bidders with an additional 29 participating online from seven states; as far west as California. At the conclusion of bidding, 139 individual lots were sold for a total of $71,316.00.

"The auction team put together an excellent offering that exceeded expectations by over $20,000. Streamlining operations related to the field work in process is also increasing returns over expectations so I trust the creditors will be as pleased with the overall results” stated Richard Kruse of Gryphon Asset Management.

Pezzo Construction was placed into receivership for the benefit of creditors on March 17, 2011. The receivership action included the operations of Pezzo Construction as well as additional pieces of commercial and residential property, including the location selected for conducting the auction. Finalization of ongoing construction projects have been overseen by the Gryphon Asset Management, the appointed Receiver.

Items sold to the public included including pickup trucks, flatbeds, Traverse lifts, concrete saws and excess inventory such as brick and block.

About United Country – Gryphon Realty & Auction

United Country Gryphon Realty & Auction Group is the Central Ohio affiliate of the largest fully integrated network of conventional real estate and auction real estate professionals in the United States. Based the Polaris Area of Columbus, Ohio, the company is a subsidiary of Gryphon USA, a multi-faceted asset management and liquidation firm focusing on the operations and dissolution of single assets through and including entire companies. The company maintains a real estate brokerage practice, auction group, property management division and appraisal division. Co-founders Richard and Melissa Kruse also regularly hold engagements as court appointed receiver throughout Ohio.

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Richard F. Kruse
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