Louisiana Boardwalk sold for $80 million

Thursday, April 14, 2011 - 9:13am

Louisiana Boardwalk in Bossier City has a new owner after being auctioned off Wednesday morning at a Bossier Sheriff's sale.

The reading of the property description took more than an hour to complete, but the bidding took mere seconds.  The minimum bid for the riverfront shopping center started at $55.2 million dollars.

The U.S. Bank National Association, representing the original mortgage holder, was the lone bidder offering $80 million dollars for Louisiana Boardwalk.  The original mortgage holder foreclosed on the property in February for late loan repayments.

Erin Habich of the Bossier Sheriff's Office told us they were expecting more people to bid.  "There have been rumors that there were some other companies that were going to be here, but they weren't," she said.  Just over a dozen people were in attendance for the auction at the Bossier Parish Courthouse.

The property is out of the hands of the Bossier Sheriff's Office and up to the bank to decide what happens next for the Boardwalk.  They can either sell the property to make money off of it or retain it, explained Habich.

The change in ownership may not mean much for businesses and customers at the shopping center.  Habich told us the sale does not have much effect on patrons, but mainly affects the ownership.

With that $80 million purchase, the bank can now make money from a future sale based on appraisal amounts.  The property was appraised at $78 million and $90 million dollars earlier this month.  "If they take it for the appraisal, they're going to be able to sell it for more," Habich explained.  Based on that purchase, another new owner could be in the shopping center's near future.
 

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