Adelphia's former headquarters sells for $3.4 million in online auction

By Caroline Salls

Pittsburgh, Nov. 1 - Adelphia Communications Corp.'s former headquarters building in Coudersport, Pa., was sold in an online auction to an undisclosed buyer Wednesday for $3.4 million following a 20-day bidding war, according to a news release.

According to the release, the auction began with a $1 million minimum bid.

The sale is expected to close 45 days after approval by Adelphia's plan administrator.

Adelphia hired LFC Online, in conjunction with the Grubb & Ellis Co., to sell its former headquarters under a "must-sell" accelerated online auction marketing campaign, according to the release.

The headquarters auction drew 31 bids.

Adelphia, a Greenwood Village, Colo.-based cable operator, emerged from bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on Feb. 13, 2007. Its Chapter 11 case number is 02-41729.

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