From the Indianapolis Business Journal:
The north-east side Indianapolis property that is home base for the popular WFMS-FM 95.5 radio station yielded a whopping $625,000 bid in the Marion County tax sale that ended Friday.
The owner of the property at 6810 N. Shadeland Ave. is Indianapolis Radio License Co., a subsidiary of Atlanta-based Cumulus Media Inc., which owns local stations WFMS, WRWM-FM 93.9 and WJJK-FM 104.5.
Cumulus owes more than $80,000 in overdue taxes on the Shadeland Avenue property, dating back to the spring of 2011, according to the Marion County treasurer’s office, which conducts the annual tax sale.
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A suburban New Orleans investment firm, National Tax Asset Fund LLC in Metairie, La., placed the $625,000 bid on the Cumulus property.
Cumulus has one year to pay its delinquent tax bill or lose ownership to National Tax Asset Fund.
But even if Cumulus makes good on its debt, the investment firm will make money off its bid. That’s because Cumulus must pay 10 percent interest on the difference between what it owes and the bid amount. That amounts to more than $54,000 in this case.
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The latest Marion County tax sale included more than 4,000 properties, many of which avoided the bidding process because the owners paid the overdue taxes.
Properties in which owners failed to satisfy the debt, or didn’t attract a bid, now have a lien placed on them by the county.
The property with the largest lien, nearly $1.3 million in overdue taxes, is located at 600 N. Sherman Drive, the site of the former Thomson Consumer Electronics/RCA plant. The owner is listed as SP Investments H LLC.
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http://www.ibj.com/wfms-property-fetches-625000-bid-in-county-tax-sale/PARAMS/article/37129
