The Real Deal New York

Minimum bid of $51.2M required for auction of 13-building complex

December 10, 2018 04:04PM

The executors of the estate of Matrix Realty Group founder Glen Nelson, who died in a car accident three years ago this month, are working with Maltz Auctions to auction off a 13-building office complex in Hauppauge and Islandia, LIBN reported. Maltz, which will take sealed bids until Dec. 11, will hold a live auction with a minimum bid of $51.2 million on Dec. 18. There is also a $42.8 million assumable mortgage on the complex that runs through September 2025. Nelson suffered a fatal heart attack before crashing his Lamborghini into a utility pole in 2015. Frequent business partner Enrico Scarda, principal of The Crest Group, then became CEO of Matrix. Nelson’s relatives and his executors have frequently butted heads with Scarda, who is a partner in the complex and has made an offer on it, according to LIBN. Scarda, however, could still be outbid in the auction. [LIBN]