Chapter 164

The auction required a letter of credit from the bank and a certified check in the amount of 5 million made out to the Bank of New York as a deposit to be able to bid. The check was written on one of our escrow accounts. They were the owner's representative and were conducting the auction. Most likely the owner had other major financing with them or an open line of credit and the property was collateral.

Jeanna had delivered the check at ten. I was surprised that she did not come to the auction, but then I found out that she was having a business luncheon at her house with out of town managers.

Marcy, Jason and I went into the building where they had set up the registration desk, filled out the paperwork and gave the security deposit and letter of credit to the official. I had not opened the letter until I prepared to hand it to the banker. Jeanna had written the credit limit for 30 million. I showed the letter and the check to Jason saying "Our limit is for the two together."

As a teenager I had accompanied Dad to several auctions. They always had the best tasting hot dogs, hamburgers, crab cakes and in the summer, the best hand-cranked ice cream around. Local churches and fire department Ladies Aux always did the food at these events as fundraisers.

Dad had taught me the basics of bidding, even letting me buy some small things. I remember the first time he let me buy a bike so we would have an extra one to let my friends go riding with me. It was the proudest day of my life to hold up the buyer's number when the auctioneer yelled "Sold."

It had been so long ago I did not think I was up to the task on something this important. I asked Jason to do the bidding. To my surprise he declined and said, "You face the auctioneer and I will face you. I will tell you when to bid but you are doing the bidding. Do not bid unless I nod to you."

While we were waiting for the auction to start Chuck Rustone from QT Banking and Trust - the bank we had used to buy the gym and where I had my personal checking account - came over and we talked. Mostly it was about Jake and how he was doing, when I was expecting him to come home. I did not have much information to give him other than the general things I knew.

The auctioneer started reading off the procedure for the auction; the dimensions of the property, the building and the property restrictions. He then opened the bidding at 20 million. After jawing around with no takers he started going down. He ended up at 1 million before someone bid. He carried out the verbal dance for 2 million before Jason signaled and I bid 2. Someone bid 3, then from the side 4, and then I bid 5.

Chuck, who was still standing beside me, turned so he could watch Jason and me. The auctioneer worked to get 6 and I came back with 7 as soon as he turned, before he could blink. He worked the crowd trying to get 8 and finally did. A guy down in the front went for 8.5 and I had my hand up for 9 as soon as he looked.

The auctioneer worked the crowd again trying to get 9.5, with no takers, and dropped to 9.25. No one took the 9.25 even after he tried for five minutes before he finally said, "Sold."

Chuck shook my hand and said, "Congratulations, if you need us we are just down the street." Marcy sent a text to Jeanna, Jenny and the rest, "It went for nine and we own it!"

The three of us went back inside to fill out all the paperwork and write the final check for 4.5 million. There were $500,000.00 in taxes and fees that the buyer had to pay on a property sale that large.