ST. LOUIS (KMOX) – Stalled developer Paul McKee faced two auctions, Monday, to settle claims made against his empire from lenders upset about unpaid loans.
One got the feeling that if life were a monopoly game, it was a day for McKee to start selling some hotels.
In the first auction, a firm linked to McKee spent $748,000 to buy the assets of McKee’s troubled McEagle Properties.
Then, the Kansas City firm Titan Fish Two paid $100,000 to buy a 95% membership interest in McEagle Properties.
KMOX asked Titan Fish Two attorney Kyle Binns what the next step will be. Binns replied, “We are going to proceed through the two pending lawsuits.”
Those lawsuits are pending to settle $25 million in debt.
Gradl and Company released a statement Monday regarding the Northside Regeneration Project and the assets purchase of McEagle Properties:
“We are pleased to announce that M Property Services, LLC was the successful bidder for substantially all the assets of McEagle Properties, LLC. M Property Services, LLC is a new entity affiliated with the McKee family. Glenn Mitchell is President of the organization. We anticipate minimal disruption to the former clients of McEagle Properties, LLC and look forward to working with M Property Services, building on the strong property management base and development opportunities created by McEagle” says Jim Gradl, spokesperson for Mr. McKee
“Neither the sale of McEagle Properties assets to M Property Services, nor the sale of certain membership interests in McEagle to Titan Fish Two LLC, will have any adverse affect on the NorthSide Regeneration Project” says Gradl.
“We are excited that Paul J. McKee, Jr. will be an important member of the M Property Services team. We look forward to working with Paul and will do everything possible to support Paul’s continuing efforts to be a force for positive change in the St. Louis region, to grow jobs, and build community. We especially look forward to working with Paul on the Northside Regeneration project and keeping the NGA in the City of St. Louis” says Glenn Mitchell, President, M Property Services.
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