The former corporate headquarters of Peregrine Financial Group, which was being held by a federal receiver, has been sold by
Spiegel Family Realty Company Iowa, LLC emerged as the successful bidder at an auction to acquire the Cedar Falls, Iowa 48,250 square-foot office building. The Peosta, Iowa-based office of real estate agents and brokers purchased the building for $3,255,000, which was $505,000 over the accepted stalking-horse bid.
The closing is expected to take place this month.
“We had outstanding interest in the property with numerous groups requesting additional information and inspecting the property,” said Michael Eidelman, the Court appointed receiver and co-chair of the bankruptcy group at Vedder Price P.C. “The auction came down to two buyers and Spiegel Family Realty Company was ultimately the successful bidder.”
Peregrine Financial Group Inc. was a financial firm owned by Russell Wasendorf, Sr., which operated for over 20 years. The company filed for bankruptcy in July 2012 after the Department of Justice investigated the firm for a $200 million shortfall in customer funds.
Earlier this year, Wasendorf was sentenced to 50 years in prison for fraud, embezzlement and lying to federal regulators.
