The IHOP site at Cesar Chavez & I-35 was FINALLY sold at auction today. World Class Holdings ran out of legal challenges. From the ABJ:
https://t.co/Hs3SzBJmRY
"Years after it was first set to hit foreclosure auction, downtown Austin’s IHOP property was purchased by Travis County Exchange Corp. for just over $12.7 million.
World Class Holdings, which owned the property through its WC 707 Cesar Chavez LLC entity, successfully delayed foreclosure of the land for years. Cesar Rainey Street LLC has attempted to foreclose on the site multiple times since purchasing a $2.7 million loan for the property in 2020. On May 5, the site was finally sold in an auction at the Travis County Courthouse.
The buyer is an Austin-based 1031 exchange company led by Craig and Lauren Dunagan, according to TCEC's website.
World Class Holdings CEO Nate Paul was in attendance at the auction but was unavailable for comment and did not respond to an emailed request for comment."