Kansas City Court-Auctioned Landlord’s Properties Fetch $3.6 Million
In the light of a court-ordered auction that saw a wave of intrigue and competitive bidding, several landmarks owned by Kansas City landlord Oliver Abnos officially changed hands on Wednesday.
The properties were auctioned off due to a significant legal debacle involving Abnos. A former tenant filed a lawsuit claiming a maintenance worker sexually assaulted her. When Abnos lost both the court case and the subsequent appeal, the tenant was awarded $2 million in damages. However, with Abnos unable to pay this hefty sum, a court-appointed receiver took over the assets. While some properties were abandoned, others continued to play host to commercial and residential renters.
Details of the Auction
Divided into 12 groups by Mayo Auctions and Realty, the 44 properties drew bidders from a cross-section of professional backgrounds and industries. The bidding lasted for a month, culminating in a total collection of $3.6 million.
The substantial surplus will first settle any other claims and taxes. Whatever remains from this substantial sum will eventually be handed over to Abnos.
Winners and Purchase Prices
Of the many hands that shot into the air, here is a rundown of those who had the winning bids and the prices they paid:
- 4446 Madison Ave. (a triplex apartment), was won by Mays Sarsour of YMS LLC for $207,500
- 1104-06 E. 43rd St. and 4241-47 Troost Ave. (mixed-use building with four commercial units and four residential units) attracted Daniel Weindling of Troost Opportunity LLC, who took the properties home for $464,000
- 641-51 E. 59th St. (Brookside strip center with six commercial units) was sold to Cory Dannehl of Milkweed Creative LLC at $901,000
- With a winning bid of $172,750, 3236 W. Coleman Road’s single-family home will now belong to Iftikhar Ali of Phawakle LLC
- 3515 and 3521 Forest Ave. (fire-damaged single-family home and vacant lot) brought $157,751.00 from Yoli Sanchez of A & R Realty LLC
- 1115 E. Armour Blvd.; 3512, 3520, and 3524 Forest Ave.; 3539 Troost Ave. (former Marquette Club and vacant lots) were secured by Connor Sweeney of J.C. Sweeney Holdings LLC for $363,500
The results of this auction event represent a significant reshaping of the ownership landscape of a range of properties in Kansas City. The winning bidders integral to this shift range from legal entities and holding companies to individual investors. With new owners at the helm, the future of these properties will surely be one to watch.
