After a 20-day bidding war, which began at the minimum bid of $1 million, Adelphia Communications Corporation’s former headquarters building, located in Coudersport, Pennsylvania, was finally sold yesterday for $3.4 million to an undisclosed buyer. The auction for this particular property is now closed, although the official sale is pending approval by Adelphia’s Plan Administrator and set to close tentatively 45 days after approval.

LFC Online, in conjunction with the Grubb & Ellis Company, was selected by Adelphia to sell their former headquarters, along with several other properties around the country, in a “must sell,” accelerated online auction marketing campaign.

Although the original bid deadline was October 11th, the intense bidding activity and competition for this remaining icon of Adelphia’s empire pushed the online auction into “Last Call” for nearly three weeks. This patent-pending feature of LFC Online’s Internet-based auction process automatically extends the bid deadline in 24-hour increments until no further bids are received, allowing determined buyers the opportunity to decide the price they are willing to pay.

Over the 90-day accelerated online auction campaign, the Adelphia auction website received nearly 15,000 online visitors from around the world. Adelphia’s former headquarters building, often referred to as the ‘Taj Mahal’ by local Coudersport residents, received 31 bids, most of which were placed online during the “Last Call” period.

LFC Group of Companies

For over 30 years, the LFC Group of Companies has served numerous Fortune 500 companies, real estate developers, investors, financial institutions and government agencies by auction marketing thousands of commercial, industrial, land and residential properties with an aggregate value well in excess of $5 billion. www.LFC.com

Grubb & Ellis Company

(NYSE: GBE) Grubb & Ellis Company is one of the world’s leading full-service commercial real estate organizations, providing a complete range of transaction, management and consulting services. By leveraging local expertise with their global reach, Grubb & Ellis offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout the globe. For more information, visit the Company’s Web site at www.grubb-ellis.com

Adelphia Communications Corporation

The Effective Date of the Plan occurred on February 13, 2007. Adelphia Communications Corporation continues under the management of Quest Turnaround Advisors, LLC, its Plan Administrator, to liquidate its assets and administer its plan of reorganization. Prior to the sale of substantially all of the consolidated assets of Adelphia Communications Corporation and its subsidiaries to Time Warner NY Cable LLC and Comcast Corporation on July 31, 2006, Adelphia Communications Corporation was the fifth largest cable television company in the country. It served customers in 31 states and offered analog and digital video services, high-speed Internet access and other advanced services over its broadband networks.

Posted: 11|2|07 at 7:54 am. Filed under: Press Release.