Great American to Sell Peregrine HeadquartersThursday, February 28, 2013
Great American Group Inc. is auctioning the former headquarters of Peregrine Financial Group as part of the investment firm’s court-supervised liquidation.
Peregrine filed for bankruptcy in July after federal regulators found $215 million of clients’ money was missing. Former Chief Executive Russell Wasendorf, 65, pleaded guilty to embezzlement and fraud, and was sentenced to 50 years in prison.
As part of the bankruptcy, the Woodland Hills auction house previously sold off Wasendorf’s personal assets, including exotic cars, sports memorabilia and a 3,400-bottle wine collection.
The 48,000-square-foot building sits is on a 22-acre site in Cedar Falls, Iowa. The exterior is all glass with architectural adornments of bamboo, cork and natural stone. Inside, the building includes a cafeteria, exercise facility with locker rooms, a day care center and flexible office space.
Great American has set a bid deadline of May 24. Its GA Keen Realty Advisors unit will hand the auction.
Shares of Great American were unchanged at 33 cents in over-the-counter trading.