Making $5 Million Out Of $3 Million in 90 Days!

Making $5 Million Out Of $3 Million in 90 Days!

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PREDICAMENT

Residents of Western Pennsylvania and throughout the Ohio River valley are not strangers to steel industry consolidation. However, when Weirton Steel – 40 miles west of Pittsburgh, Pennsylvania – was to be purchased by what is now Arcelor Mittal, the largest steel manufacturer in the world, Weirton’s executive team needed to maximize revenues for all assets not essential to the acquisition.

Among Weirton Steel’s largest non-operational assets was its real estate portfolio. This portfolio would be folded into the acquisition for an additional $3 Million if Weirton did nothing. Weirton had other thoughts…but had only 90 days before the acquisition concluded!

SOLUTION

Harry Davis & Company, the region’s most successful real estate auctioneer was selected to conduct an auction campaign of all 11 parcels of real estate not critical to Weirton’s future operations. Fifty years of auction experience led Harry Davis & Company to customize a marketing platform according to the diverse nature of each property including local, regional and national appeals to maximize gross sales for the unique collection of properties.

The properties included: “The Weirton Lodge”, a 10,000 square foot stone mansion utilized as a corporate retreat which overlooked the Ohio River and was situated within a private country club; an idle tin mill; income producing industrial acreage with river frontage; a technical training center; hundreds of acres of vacant land and other parcels.

SUCCESS

With hundreds in attendance and local news cameras rolling, Harry Davis & Company successfully sold each of the 11 properties to national, regional and local purchasers.

Each property transaction closed within 30 days and the Weirton executives were thrilled with the results as gross sales totaled almost $5 Million!

Details of Weirton Real Estate Auction