MIAMI (CBSMiami) – Nearly one year since the deadly collapse of the Champlain Towers South in Surfside, the beach side site where it once stood will officially go up for auction.

Miami-Dade Circuit Judge Michael Hanzman approved the sale of the land and a live auction for the property will be held on Tuesday, May 24th.

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Michael T. Fay of Avison Young, the court-appointed receiver to manage the disposition of the site, will conduct the live auction at 10 a.m. in the judge’s chambers.

Bidding deposits and qualifications must be submitted to the court-appointed receiver, Michael Goldberg, by Friday, May 20th. The starting bid begins at $120 million.

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An offer for about $120 million has been on the table for months. The highly motivated bidder recently raised their deposit to $50 million.

“We are focused on securing the highest and best possible value to owners, survivors, and families of the Surfside collapse victims,” said Fay.

The auction will take place one month before the anniversary of the collapse. Ninety-eight people lost their lives on June 24th, 2021 when the condo partially collapsed in less than 20 seconds.

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Money from the sale, as well as payouts from insurance policies, will go to the owners of the 136-unit Champlain Towers South building. Each unit owner will be paid a share based on their ownership portion of a condominium unit and for personal items that were lost. It does not include money for wrongful death claims arising from the 98 fatalities.

CBSMiami.com Team