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Great American to Sell Peregrine Headquarters

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.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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