Tuesday, June 16, 2009
Pyramid in Ruins -- Once Mighty Construction Firm Leads Foreclosures at Sheriff's Sale
By Chad Garrison
on Tue, Jun 16, 2009 at 9:47 AM
That's where the city (under the auspices of the sheriff's department) will be auctioning off property seized for back real-estate taxes
. Leading the list of delinquent property owners is John Steffen's Pyramid Construction, the over-extended construction firm that collapsed last year
under a mountain of debt.
As Riverfront Times reported in May 2008,
Pyramid Construction was the city's biggest tax deadbeat owing St. Louis nearly over $1.1 million for failing to pay taxes
on some 120 properties.
This coming Tuesday at 9 a.m. some 24 of those properties (many of them empty lots) go up for sale to the highest bidder.
Pyramid owed the city more than $19,000 in back taxes on the two-dozen properties. Bidding begins at (or near) the amount each property owes the city, leaving would-be developers some real bargains -- especially if they're in the market for some vacant lots in north city.
For example, the Pyramid property below at 3751 Cook Avenue could be yours for around $878 -- or roughly the price of a nice flat-screen telly. View Larger Map
Anyone interested in witnessing the final collapse of a once mighty empire might want to head down to the Sheriff's Sale next Tuesday (June 23) at the St. Louis Civil Courts Building.