NEW ORLEANS (AP) — Oz, which calls itself "New Orleans #1 gay dance club," will be sold at a July 22 auction in bankruptcy court.
The auction comes after the club owners failed to pay off millions of dollars of debt. To avoid foreclosure, they declared bankruptcy in October but couldn't come up with a workable refinancing plan, forcing them to sell the business and property located in the French Quarter.
NOLA.com/The Times-Picayune’s Richard A. Webster reports a high bid of $4.75 million has been entered so far.
Bids can be made through the Lugenbuhl, Wheaton, Peck, Rankin & Hubbard law firm through July 10. At the live auction before U.S. Bankruptcy Judge Elizabeth Magner, bids must be made in $50,000 increments.
The property is valued at $1.2 million, according to the Orleans Parish Assessor's Office.
