Marquette foreclosure auction still set for Friday

The Marquette properties in downtown Cape Girardeau remain scheduled to be sold in a public foreclosure auction Friday.

Nancy Browne, an attorney at The Limbaugh Firm that is representing Great Southern Bank in foreclosure proceedings on the Marquette Tower and Centre buildings, said late Wednesday she hadn't been instructed to call off the sale after it was postponed for one week last Friday.

The company that owns the buildings, G&S Holdings, borrowed more than $3 million from the bank to buy the properties in 2009. Company representatives said recently a lack of tenants and major legal trouble for a former managing partner left the company unable to make payments.

The foreclosure auction was set for Jan. 9, but the sale was pushed back when the bank gave the company another week to try to sell the buildings.

As of Wednesday, the public sale of the buildings was scheduled for 1:30 p.m. Friday at the Common Pleas courthouse in Cape Girardeau.

The Marquette Tower was built as an upscale hotel in 1928. In the early 2000s, it was restored and renovated with millions in state tax credits. The Marquette Centre building once housed a printing and shipping operation for Southeast Missouri State University.

eragan@semissourian.com

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