EL PASO, Texas - A bankruptcy judge announced the winning bids for eleven buildings owned by El Paso businessman William "Billy" Abraham Tuesday afternoon.
All eleven buildings owned by Abraham sold for more than $10 million.
Bidding on the buildings started Tuesday morning after Abraham provided the bankruptcy court with evidence he said proved he was able to provide $6 million of his $10 million debt to creditors.
The judge in the case told Abraham he had already provided six additional months to reorganize his Chapter 11 and pay off debt, but because Abraham was not able to satisfy the court's wishes, the judge ordered bidding to proceed.
Abraham filed for bankruptcy in February 2018 after he was ordered to pay more than $1 million to Ivan Aguilera, the son of the late singer, Juan Gabriel. In the summer of 2017, a judge ordered Abraham to pay Aguilera's company for a Juan Gabriel performance at the Don Haskins Center in 2015. Abraham was the promoter.
It’s possible bidding on the eleven Abraham-owned properties may have fetched more than the $10 million Abraham owes to creditors.
Under today's requirements, the successful bidder would have had to agree to rehab downtown buildings to meet city code ordinance and fix violations.
Large buildings had a minimum bid of $10,000 while smaller buildings had a minimum bid of $5,000.