Columbus Online Only Real Estate Auction Halts Bidder Collusion

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Gryphon Auction Group completed another Online Only Real Estate Auction today on a shuttered urban grocery store on at 1547 Lockbourne Avenue on Columbus’ east side.

This is another example of how online real estate auctions provide benefits over and above the live model.

Gryphon Auction Group completed another Online Only Real Estate Auction today on a shuttered urban grocery store on at 1547 Lockbourne Avenue on Columbus’ east side.

Today marked the second time the property was offered at auction. The first effort produced 3 prospective bidders who attended the live auction last year, but refused to bid. At that time, 2 of the groups merged into one to avoid competition. Ultimately, a closing was not finalized.

The online only offering today produced 7 registered bidders, including one participant in last years offering. Registrants in today’s event were located in Virginia, Washington DC, New Jersey, California and Columbus. The high bidder was bidding from Virginia.

“This is another example of how online real estate auctions provide benefits over and above the live model,” said Richard Kruse, president of Gryphon USA, Ltd. and Gryphon Auction Group. “In the last offering, locals were the only ones to show up and then formed groups to chill bidding. This offering allowed people to participate from around the US. Since bidders didn’t know or see each other, collusive bidding was impossible.”

The high bidder and auction price will be disclosed when a motion for approval is filed in the receivership case.

About Us

Gryphon USA, Ltd. is a multi-faceted asset management and liquidation firm focusing on the operations and dissolution of single assets through and including entire companies. Gryphon maintains a receivership and asset management group commercial auction practice art, antique and pottery auction group and real property management group. Traditional real estate transactions are managed through Borror Properties Real Estate.

Melissa M. Kruse oversees the day to day operations of the parent company, Gryphon USA, Ltd. while Gryphon Asset Management and Gryphon Auction Group operations are managed by Richard F. Kruse.

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Richard F. Kruse
Gryphon USA, Ltd.
+1 (614) 885-0020 Ext: 17
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