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Tuesday, June 16, 2009

Pyramid in Ruins -- Once Mighty Construction Firm Leads Foreclosures at Sheriff's Sale

Posted By on Tue, Jun 16, 2009 at 9:47 AM

click to enlarge FLICKR.COM/PHOTOS/KHOWAGA/2894778793
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.

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.

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