Wed April 23, 2014
Crestwood Court Sells At Auction For $3.65 Million
A shuttered St. Louis County mall has a new owner.
The defunct Crestwood Court sold for $3.65 million on Auctions.com on Thursday afternoon. It came to that final price after a starting bid of $1 million.
It’s not known who put in the winning bid. None of the real estate contacts listed returned calls for comment. And Crestwood City Administrator Mark Sime said he doesn’t have any information on who made the winning bid.
“We will be watching and waiting to see who purchased the property,” Sime said. “And then, we hope that they will reach out to us and contact us to let us know who they are. And we can start to work together to move forward.”
Crestwood Court’s sellers — Centrum Properties — had proposed an extensive renovation of the facility, which opened in the 1950s. But Crestwood’s City Council in 2012 refused to back a tax increment financing plan to pay for the work. The mall closed last summer.
The description on the mall’s auction page says that Crestwood Court “lost its market share” after other malls opened throughout the region. It also cited a “linear floor plan, limited parking fields, and lower level food court [were] all factors that have prevented Crestwood Court from maintaining its competitive stance.”
Sime said the city of Crestwood will get involved if the developer needs permits or tax incentives to redevelop the property.
“Whoever purchased it, when they submit a proposal to the city, then we will start becoming involved,” he added.
What can you buy for $3.65 million?
In some ways, the purchase is a bargain: Crestwood Court is a 1.1 million-square-foot facility, dominating the space along Watson Road, east of where I-44 intersects with I-270.
Demolishing and renovating the facility, of course, will cost quite a bit more than the purchase price. Centrum Properties' failed renovation plans would have cost about $124 million.
For comparison’s sake, here are some things that you could buy for the price of a deceased St. Louis County mall:
A five-bedroom, seven-bathroom mansion in Ladue: This Gale Henderson-designed home with “glorious amenities” and a “secret garden” is for sale on Zillow.com for $3.6 million.
A large, empty lot in Kirkwood: For the low, low price of $3.2 million, a 7.05 acre lot in one of St. Louis County’s most desirable suburbs can be yours. It’s the perfect opportunity to build a castle with a sweet moat.
Rob Zombie’s former home: The guy who made “Dragula” a modest success sold his home in California earlier this year for $3.65 million. According to Blabbermouth.net, the half-acre lot contains “a guest house, pool house, swimming pool and spa.” And, more importantly, the kitchen includes a butler’s pantry.
A Roman helmet: Back in 2010, a Roman helmet dating back to the first or second century sold at auction for $3.6 million. Little did that first century centurion know that his headgear would be as valuable as a Missouri mall.
Roughly 140 things owned by Julius Erving: Dr. J was one of the best basketball players of all time. His fame was so great that the Philadelphia 76ers spent $3.5 million to purchase 140 items connected to the star, including an ABA championship ring.
12,167 Black and Decker lawn mowers: The St. Louis region will never have unsightly lawns again after $3.65 million is used to purchase an army of electric lawn mowers.
Sears Crestwood Court