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Wapak Machine Co. building sells at auction

August 22. 2013 8:50PM

WAPAKONETA — The home of a manufacturing company that closed its doors last year sold at auction last month to a Putnam County company.

The former Wapakoneta Machine Co. building at 300 E. North St. sold for $126,000 — considerably below its appraised value and most recent listing price, according to the Auglaize County Auditor’s Office and the auctioneer. Gorrell Bros. Auctioneers & Real Estate, the Paulding company that handled the auction, listed the site for sale at $299,000. The Auditor’s Office listed the site at $785,940.

The real estate sale was part of ongoing proceedings in the U.S. Bankruptcy Court for the Northern District of Ohio. The company filed for bankruptcy protection in September 2005, according to court records.

Larry D. Gorrell, who served as broker of the auction, told the bankruptcy court that there were five bidders and approximately 30 people in attendance at the Nov. 23 auction. The purchaser is listed in court documents as Miller Bros. Clay Works Ltd., of Ottoville.

Attempts to reach Alan J. Miller, who is listed on the company’s incorporation documents filed with the Ohio Secretary of State’s Office, were unsuccessful.

A deal selling the assets of Wapakoneta Machine Co., excluding real estate, to Pennsylvania-based ASKO was approved by the bankruptcy court in October 2009. The deal was worth $1.37 million, according to court records.