Mall's Fate Up in Air After Non-Absolute Auction

A Bradenton, Fla., 41-year-old shopping mall was on the online auction block recently, with the winning bid ultimately reaching $33.75 million. Empty storefronts have plagued DeSoto Square Mall for years, but a new owner isn’t necessarily the answer—and there will still be uncertainty despite that winning bid. That’s because the auction is considered to be “non-absolute,” meaning that the mall’s current owner isn’t bound to accept the winning bid if it deems the bid too low; it can choose to continue operating the mall as if the auction hadn’t happened. Additionally, the fact that the auction isn't a bankruptcy sale limits alternatives and prospective buyers.

The mall was originally built by former San Francisco 49ers football team owner Ed DeBartolo in 1973 and was later taken over by mall giant Simon, which let it go into foreclosure. New York State-based Mason Asset Management took over in 2012—inheriting a mall that had already lost many of its key retailers, but not being aggressive in luring replacements.

Other problems have plagued it, including a lien filed against it for owing a balance on the bill for new entrance signs. And there’s trouble literally down the road: An upscale mall nearby is scheduled to open in October. So far there’s been no word as to whether the bid will be accepted, but in the meantime, Macy’s—a profitable anchor—has announced that it will move out of its space.

For several years, members of the public have expressed wishes to see the mall become office space or a call center that would create jobs.