NEW ORLEANS, LA (WVUE) - The City of New Orleans pulled in millions of dollars auctioning off adjudicated properties setting high expectations for October's auction.
New Orleans city leaders announced on Thursday that the latest in a series of online monthly auctions for adjudicated properties brought in over $3 million after 345 people placed more than 12,500 bids to buy 145 of the 146 properties that were for sale. In total, 115 people bought 145 properties for $3,326,788. About 70 percent of the winning bidders were from Louisiana
In addition, 15 delinquent accounts of $408,646 were paid in full in the weeks leading up to the auction.
The next auction, which will be held on Wednesday, Oct. 7, 2015, currently includes 111 properties scheduled for sale.
Through three auctions, the adjudicated property auction process has sold 383 properties and has so far brought in more than an estimated $11 million gross for the City of New Orleans and other property tax recipients, such as the Board of Liquidation, Orleans Parish School Board and Sewerage & Water Board.
City leaders also say the auctions are helping to revive economic activity and create a fairer tax system for all New Orleanians.
There are also more than 1,000 properties still available for deposit to begin the research and notification processes before an auction may be scheduled.
A list of these properties is available at CivicSource.com, which is also where the online auctions take place.
The highest bid in the auction was a two-way tie between at 1714 Euterpe Street and 1531 Ursulines Avenue, each of which sold for $126,000.
There were about 24,400 due process notifications mailed ahead of the September sale and yard signs were placed on each property before the auction as part of the extensive efforts to contact and alert property owners.
The revenue will be used to cover the cost of the sale and pay back the taxes owed to the appropriate entities, such as the City of New Orleans, Board of Liquidation, Orleans Parish School Board and Sewerage & Water Board.
All remaining revenue will go to the City of New Orleans, where it can be used to invest in key resident priorities, such as community revitalization, public safety, street repairs and parks and recreation.