Memphis River Tower at South Bluffs Condominiums Sell for $4.1 million


Memphis, Tennessee – June 24, 2008 – Nineteen condominiums plus a spectacular penthouse from Memphis’ jewel River Tower at South Bluffs, a beautifully renovated historic building on the banks of the Mississippi River, sold for $4.1 million at auction on Saturday, June 21st. The sale of the luxury high-rise condominiums was managed by J. P. King Auction Company, one of the nation’s leading auction marketing firms specializing in high-value properties. River Tower at South Bluffs is a redevelopment by McCord Development Inc.

“We were pleased with the ability to sell 20 units in one day at prices set by the market. River Tower offers a gated resort lifestyle near downtown with the best views in the city,” said Michael Maerz of McCord Development. “We hope others will visit the property to gain the appreciation of this landmark building that our existing homeowners already share.”

The auction took place at The Peabody hotel with more than 200 people in attendance. The auction attracted 94 registered bidders from Tennessee, Texas, Florida, Arkansas, Missouri, Illinois, Mississippi, Georgia and South Dakota. The auction took approximately 3 and half hours.

“The developer offered its top 10 condos at absolute price and the buyers responded,” said Scott King, executive vice president, J. P. King Auction Company. “Downtown Memphis has been revitalized the last few
years and has become a sought out area, which is apparent by the amount of buyers we had today.”

The renovated 14-story historic building offers one, two and three bedroom units including one remaining penthouse suite ready for the owner’s custom design. The featured amenities include a grand two-story marble lobby with spiral staircase; private balconies or sunrooms overlooking the Mississippi River; large private dining room with catering kitchen; Wi-Fi Internet connection throughout the building; covered parking area; on-site residential storage; designated pet walk area and yoga studio. River Tower also includes a resort style club room with a state-of-the-art fitness center and an Olympic size pool overlooking the river.

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