Wednesday, April 10, 2013

Paragon Bank liquidating $20 million in regional real estate

Raleigh-based Paragon Bank has announced plans to auction off about $20 million in commercial and residential real estate in Charlotte and elsewhere in the Carolinas and Virginia.

Iron Horse Auction Company, which recently handled a similar liquidation for Yadkin Valley Financial Corp., is conducting the sale. The specific properties to be sold do not appear to be posted on the firm's website yet.

The sales, however, will take place in May and include residential lots, commercial acreage, platted subdivisions and other types of properties in Charlotte, Raleigh, Lake Wylie, Lake Gaston, Elon, Richmond, Va., and coastal North Carolina.

The $20 million figure is taken from tax appraisals. Their sale price could be much lower.