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COUDERSPORT, PA-The three-year-old, 72,056-sf headquarters of Adelphia Communications Corp., which was never fully occupied by the once-giant cable and communications company, has been put on the auction block. The minimum bid is $1 million, and the suggested value is $30 million.

The three-story building’s exterior is polished granite and giant pillars mark the entryway. The grounds contain wall-wash lighting to highlight it at night, and the interior is fitted with custom-crafted wood detailing, including wainscoting and raised panel doors along with state-of-the-art technical capabilities. It is located on approximately two landscaped acres off Route 6 in this rural area of Northwest Pennsylvania.

Adelphia filed for Chapter 11 bankruptcy protection in 2002, after disclosing off-balance-sheet debt in excess of $2 billion. Two founders and officers, John and Timothy Rigas, were subsequently found guilty of using fraudulent cash-management systems to enrich themselves and others. Time Warner Cable and Comcast have since acquired much of Adelphia’s communications business, however, the bankruptcy reorganization proceedings continue amidst disputes by creditors.

Newport Beach, CA-based LFC Marketing Services Inc. has already disposed of 72 former Adelphia properties in 17 states via its online real estate auctions. This, among the few remaining real estate assets, is the “jewel in the crown,” according to Jack Ukropina, LFC’s auction manager.

A significantly reduced Adelphia, now based in Greenwood Village, CO, has selected LFC in conjunction with Michael Finley, director of corporate services in the Newport Beach office of Grubb & Ellis, to sell the property in a “must sell,” sealed-bid offer. The bid deadline is 8 pm EDT, Oct. 11, and bids must include a $50,000 deposit. Following the deadline, bids will be passed, unopened, to the court-appointed administrator of the Adelphia bankruptcy proceedings.

Currently, “some Adelphia lawyers and tax people are working in the building,” Ukropina tells GlobeSt.com. “The seller’s legal team is in the process of drafting a lease agreement to allow them to continue there under a new owner. This could change,” he says, “but there will likely be a one-floor, sale-leaseback arrangement for the first year.” The lease rate has yet to be determined.

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