The auction house Mecum Auto Auction has won an auction to buy a stake in the New York City property of a famous real estate developer who built a thriving empire with a massive, multibillion-dollar project in New York, according to media reports.
Mecum has been the subject of a string of public records requests and a court fight since Mecums owner, William Graves, sued the city of New York over the property in 2006.
Graves filed for bankruptcy protection and in 2008 bought the property for $1.1 million.
He sold it in 2011 for $2.4 million.
The auction house is bidding on the 3.7-acre property for about $750,000, according the Associated Press, which reported the price on Wednesday.
Mephisto Properties, the real estate development firm that developed the site, did not immediately respond to a request for comment.MECUM is owned by the American Council on Exercise, a nonprofit that lobbies for and manages the federal government’s $4 trillion pension fund.META is an acronym for the Military Industrial Complex, which has been at the center of several high-profile cases of corporate fraud.
In 2015, a former MECUM executive pleaded guilty to defrauding the military of $8.7 million.
The military is suing Mecumm and its chairman, Mark Ritchie, and the MECum board.
Graffins legal battle is part of a larger battle between the private and public sectors over the value of some of the world’s most famous buildings.
The MECU has been sued numerous times over its properties, including a $100 million bid to purchase the former headquarters of the U.S. Army, a $1 billion bid for the former U.K. House of Lords, and $15 million to build a $500 million, 17-story skyscraper in Dubai.