Federally Forfeited Firewater Bar and Grill Restaurant Hits the Online Auction Block
U.S. Marshals put an 8,556 square foot commercial property located in Dallas, Texas, up for sale on the Internet.
Silver Spring, MD January 11, 2010 — Bid4Assets, Inc., (www.bid4assets.com), an online real estate auction company, announced today that it will host an auction for a federally forfeited commercial property in Dallas, Texas as part of an Order of Interlocutory Sale. The property is currently in preview on the Bid4Assets Web site at www.bid4assets.com/firewater. Online bidding begins January 25 – 27, 2010.
The property will be available for on-site inspection on Wednesday, January 20, between the hours of 10:00 AM and 3:00 PM CT. Prospective bidders wishing to inspect this property must send their request to inspections(at)bid4assets(dot)com. Buyer’s agents are welcome and will be paid a commission upon completion of the sale.
The commercial property, known as Firewater Bar and Grill, is located at 10261 Technology Boulevard East, Dallas, Dallas County, Texas 75220. The two-story building, situated on 2.34 +/- acres, was constructed in 1999 and is currently vacant. The building has a capacity of 814 persons allowed by the Fire Marshal and 131 parking spaces. This property includes a security alarm system, a portable ATM machine, and indoor and outdoor patio seating and stage areas.
The minimum bid for the commercial property is $975,000. The U.S. Marshals Service requires that bidders submit a deposit of $97,500 prior to placing a bid. The deposit process is simple and can be completed on the auction listing page on the Bid4Assets Web site. The winning bidder’s deposit is automatically transferred to the U.S. Marshals at the end of the auction. Non-winning bidders’ deposits are refunded within (10) ten business days after the close of the auction.
Photos, appraisal details and auction specifics are currently available online at www.bid4assets.com/firewater. For those individuals who are unable to access the Internet, they can contact Bid4Assets toll-free at 1-877-4ASSETS to request and off-line bid form.
This is the second high-profile property sale in the Dallas area in the last two years. In May 2008, the U.S. Marshals took possession of a 22,000 square foot, seven-bedroom home on Panorama Court in Arlington, Texas and successfully auctioned it on Bid4Assets’ site for $1.89 million.
The assets offered for sale by the U.S. Marshals Service are forfeited to the United States under federal forfeiture laws. The U.S. Marshals administer the Department of Justice’s Asset Forfeiture Fund by managing and disposing of properties seized and forfeited by federal law enforcement agencies and U.S. attorneys nationwide. The program has become a key part of the federal government’s efforts to combat major criminal activities. Currently, the Marshals manage almost $1.7 billion worth of property.
The Asset Forfeiture Program consists of the U.S. Marshals, U.S. Attorneys Offices, the Federal Bureau of Investigations, the Drug Enforcement Administration, the Department of State’s Diplomatic Security Service and the Bureau of Alcohol, Tobacco, Firearms and Explosives.
About Bid4Assets, Inc.
Bid4Assets (http://www.bid4assets.com) is the online auction marketplace that specializes in absolute auctions – real estate starting at $1 with no reserve price. Bid4Assets conducts online auctions for a growing list of federal and state government agencies, including more than 40 counties nationwide, the U.S. Marshals Service and the U.S. Department of Treasury. The privately held company, launched in 1999, is based in Silver Spring, MD and has sold over 60,000 real estate properties.
About U.S. Marshals Service
The Marshals Service (www.usmarshals.gov) administers the Department of the Justice’s Asset Forfeiture Program by managing and disposing of properties seized and forfeited by federal law enforcement agencies and U.S. attorneys nationwide. Currently, the Marshals Service manages more than $1.7 billion worth of property. The proceeds from the sale of forfeited assets such as real property, vehicles, businesses, financial instruments, vessels, aircraft and jewelry are deposited into the Asset Forfeiture Fund and are used to further law enforcement initiatives.
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