LAGUNA NIGUEL – The government-sponsored auction for a federal building property in Laguna Niguel continues to extend daily, with the purchase price now exceeding $176.7 million through Oct. 23.
The latest bid for the Chet Holifield Federal Building is $106.7 million more than the price set on the auction’s opening day. The federal government opened bidding at $70 million on June 5.
The identity of bidders has not been revealed, though the bidding on the General Services Administration’s auction website shows two parties competing for the Chet Holifield Federal Building.
The building is being sold as part of a soft auction, meaning bidding resets every day as new bids are placed. A bidder wins the auction if they are not outbid for 24 hours.
No bid has survived the 24-hour timeline. One bidder has consistently submitted a bid every day, raising the price by the minimum $300,000 – only to be immediately outbid by a second bidder. This process has continued every weekday since June.
The government put the Chet Holifield Federal Building on the auction block to avoid spending $300 million on long-term repair and upgrade costs.
The Chet Holifield Federal Building sits on a 92-acre property at 24000 Avila Road in Laguna Niguel. The building itself features 1 million square feet of space in a pyramid-shaped Ziggurat building.
