30 September 2009 ? Today?s big cliffhanger: Will the old Chicago Main Post Office actually close today or not? Inquiring real estate minds want to know. With an opening bid of a measly $300,000, everyone is waiting to see if wealthy would-be buyer Bill Davies (the high bidder who pledged $40 million for the property at an Aug. 27 auction) will actually close the deal today as required. Some sources who have dealt with him think he won’t close the deal, which means he would forfeit a $4 million deposit to the seller, (the U.S. Postal Service) but could attempt to negotiate a new sale at a lower price.
The closing is scheduled for this morning, and so far no one has been advised of any hitches. If Davies does not provide the remaining balance, the service will consider whether to auction the property again.
Davies, an anonymous bidder until now is a wealthy man whose attempts to redevelop his former hometown of Liverpool, England, collapsed. “The money is available to him. I don’t believe he will spend it,” one source said.
So for now, we wait. Will it close for $40 million?? If not, if the postal service can keep the $4 million deposit, it would keep the place heated for a couple of winters. Or perhaps lower the price of stamps for a few months, but I doubt that.Email This Post To a Friend.