Recently our Indian River Mall located here in Vero Beach went up for auction. Simon malls owned it and owed Wells Fargo Servicing in excess of 70 million dollars. The Mall site was listed online auction sites, but they did not receive any bids, so the Wells Fargo bought the mall at auction for $100.
Of course, that’s not the whole story, and I made an effort to explain the entire situation.
When you need the straight scoop on the state of real estate here on the Treasure Coast, give me a call!
Steve Rennick
Realtor, Rennick Properties
