CEDAR FALLS, IA—Spiegel Family Realty Co. Iowa LLC has purchased the former Peregrine Financial Corp. headquarters here at One Peregrine Way for $3.2 million at a receiver auction.
The 48,250-sq.-ft. building was owned by Russell Wasendorf Sr., who was sentenced in January to 50 years in prison for stealing more than $215 million from customer funds through his position as CEO of Peregrine. The company filed for bankruptcy in July 2012.
Karlin Real Estate LLC had agreed to buy the property subject to overbids. New York City-based GA Keen Realty Advisors solicited overbids, and Spiegel agreed to pay $505,000 more, said Michael Eidelman, the court appointed receiver and co-chairman of the Bankruptcy Group at Vedder Price P.C. “We had outstanding interest in the property with numerous groups requesting additional information and inspecting the property. The auction came down to two buyers and Spiegel Family Realty Company was ultimately the successful bidder,” Eidelman said in a statement.