Pennsylvania builder will auction off 14 residential and commercial developments.
The Elliott Building Group, a Langhorne, Pa.-based company, will auction off 14 residential and commercial developments in eastern Pennsylvania and southern New Jersey next month. The Nov. 7 auction signals the end of the company's attempt to reorganize under Chapter 11 bankruptcy protection filed in June. The builder's debt is estimated to be $88 million.
"Timing in life is everything," Brad Elliott, founder and president, told BUILDER Online. While the company was attempting to reorganize after filing bankruptcy, the credit crunch hit. Elliott approached 20 finance groups since June but said he was "unable to put any deals together."
Since announcing the auction, which has a bid deadline of Oct. 31, Elliott says there have been more than 350 inquiries from home builders, developers, and investors. According to Keen Consultants, the group hired to handle the public sale, more than 810 acres of residential and commercial land will be auctioned.
Elliott Building Group, which was formed in 1994 and specialized in building luxury homes and active adult communities in southern New Jersey and Pennsylvania, was No. 74 in the BUILDER Fast Track 2006 list (PDF).
When asked if there are plans to reform the company after the auction, Elliott said, "There are plans for me to move forward but the Elliott Building Group will cease to exist."
