Perkins Rowe sells for $69.3 million at foreclosure auction - FOX 8 WVUE New Orleans News, Weather, Sports

Perkins Rowe sells for $69.3 million at foreclosure auction

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Courtesy: Facebook.com/PerkinsRoweBR Courtesy: Facebook.com/PerkinsRoweBR

Baton Rouge, La. - Most people expect a deal when they buy a foreclosure property.

$69.3 million sounds like a deal to the new owner of Baton Rouge's Perkins Rowe mixed-use shopping center and residential complex.

Ohio's KeyBank submitted the only bid for the complex. It started foreclosure proceedings against the complex's developer, J.T. Spinosa, in 2009.

KeyBank claims it was never paid for loans used to build the development.

A judge has already leveled a $201 million judgement against Spinosa for loans and interest.

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