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EpiCentre sold: What’s next for the former entertainment hub?

CHARLOTTE — The once iconic EpiCentre in uptown sold to the highest and only bidder on Tuesday.

Deutsche Bank Trust Company Americas, the bank that lent money to the former owner for the property, made a starting bid of $95 million.

There were more than a dozen interested people at the Mecklenburg County Courthouse for the auction Tuesday morning. However, none of them made a bid after the starting bid.

It means Deutsche Bank will own the property, as is, by the end of the month after a 10-day period.

During that time period, anyone who wants to place an upset bid can do so. An upset bid would require the person or company to pay 5% more than the $95 million the EpiCentre was auctioned for.

“I would say this is not final,” said Heather Culp, a bankruptcy attorney who deals with cases like this. Culp is not involved in the EpiCentre case but did discuss what could happen, based on her experience with similar cases.

“I would not expect that they’re going to go out and find a purchaser to bid it up,” she said. “I’m sure they’re fielding calls from people about what the bid was today so that they can figure out if they want to buy it.”

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If someone makes an upset bid in the next 10 days, a new 10-day period would begin for anyone else who wants to place another upset bid. Once a period ends, the latest upset bidder would own the EpiCentre.

However, if nobody makes an upset bid by the end of August, Deutsche Bank would be the owner and could then privately sell the property, Culp said.

It means the future of the EpiCentre and what will end up being there is still up in the air.

Another status hearing is set for Oct. 31.

(WATCH BELOW: EpiCentre to likely remain with current lender after no higher bid offered)

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