A government-sponsored auction that started in June has finally come to an end, as a yet-to-be-disclosed bidder will pay $177 million for the Chet Holifield Federal Building in Laguna Niguel.
The $177 million price tag is significantly higher than the $70 million opening bid the federal government set on June 5, when the auction started.
There were three bidders, and 157 bids submitted. Two of the bidders went back-and-forth in bidding almost every day between June 5 and Oct. 24.
The buyer must now obtain entitlements and go through possible zoning changes with the city of Laguna Niguel.
Read more about the Ziggurat/Chet Holifield Federal Building auction sale in the Nov. 4 issue of Orange County Business Journal.