Miami-Dade County has extended the auction of its historic downtown courthouse once again, with four bid deposits received but still no bids. The online auction, which had been scheduled to close Sept. 18, is now set to close Oct. 2 at 5:05 p.m. “We have received four bid deposits and have not rec eived any bids,” GovDeals Vice President Nick Carr said in an email. “The auction has been extended to allow interested parties sufficient time to complete their due diligence.” The courthouse at 73 W Flagler St. remains listed with a minimum bid of $35.41 million. The required bid deposit is $100,000. GovDeals did not immediately respond to additional questions about where the four potential bidders are located, what will be involved in making a bid or what would happen if the auction ultimately receives no bids. The auction first opened July 29 and initially was scheduled to close Aug. 28. After no bids were received, Miami-Dade extended the deadline to Sept. 18 to give the property additional market exposure. The latest extension gives interested parties two more weeks to complete their due diligence. Under the auction requirements, a bidder must review the seller’s terms and supporting documents and submit a completed bid form before or at the same time as an initial bid. The required bid deposit must be submitted by wire transfer, and bidders may conduct due diligence and arrange an inspection. Once a bidder submits the initial form, additional bids can be placed without another form as long as the bidder’s legal name, ownership and other information remain unchanged. Interest in the property has not yet translated into an offer. Frank Borowski, a business client development manager with GovDeals, told Miami Today in August that the listing had received nearly 50,000 views and visits and that development buyers from around the world had contacted GovDeals. The 28-story, roughly 265,000-square-foot courthouse occupies a full city block in downtown Miami. Court operations have moved to the Osvaldo N. Soto Miami-Dade Justice Center at 20 NW First Ave. The county previously sought to sell the property to GFO Acquisitions LLC, led by Russell Galbut. Commissioners ultimately ended those negotiations and directed the administration to prepare the courthouse for public auction. The post Old courthouse gets four deposits but no bids, auction rolls on appeared first on Miami Today. ...read more read less