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Epicentre in Charlotte still up for grabs after lender places highest bid



CHARLOTTE, N.C. (QUEEN CITY NEWS) — The Epicentre, once a hub for entertainment, dining and shopping in the heart of Uptown, is still up for grabs after the lender placed the highest offer at an auction Tuesday.

An attorney representing the lender placed an initial bid of $95 million for the property on Tuesday. After the bid was announced, no none else in the courthouse placed a higher offer.

Prospective buyers now have 10 days to file what is called an “upset bid” at a minimum of 5% higher than Tuesday’s bid – bringing the next potential offer close to $100 million.

A group of investors that had previously put in two offers well below $95 million to purchase the property described the lender’s initial bid as “over the top.”

“I thought they were over the top, but now I understand why they didn’t take our offers,” said Duncan Anderson with the Heritage Gridiron Association. “But that’s why I said it has got to make sense. It’s $11 million over the default price so it’s got to make sense.”

Officials announced the Epicentre was set to be auctioned off “as is” after it was foreclosed on in March.

The once bustling hotspot opened in 2008, but financial issues exacerbated by the coronavirus pandemic led to failing business and caused the center to become a shell of its former self.

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In spring, 2021, the Epicentre’s owners defaulted on their $85 million loan with Deutsche Bank. The bank then filed a complaint with the North Carolina business court that later appointed a receiver to oversee the management of the property.

In March, the Mecklenburg County Superior Court approved the bank to foreclose on the Uptown property.

A Notice of Foreclosure Sale said the property would be sold “AS IS, WHERE IS” to the highest bidder for cash on May 12 before it was twice-delayed to August 9.

If no one bids on the property in 10 days from Tuesday’s auction, the property will go back to the lenders.

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