Auction of N.D.F.B. building fails to reach reserve price

It has served as a venue for many media events, but most of us in the press hardly gave a thought to who owned it. I’m talking about the building belonging to National Development Foundation of Belize … which today was put up for auction. News Five’s Stewart Krohn was among those on hand for the bidding.

Kevin Castillo, Auctioneer
?This is a public auction sale. The terms are for cash. This property is being sold subject to a reserved price. The successful bidder is required to pay stamp duties, registration fees, and other legal costs of transfer. You will also be required to at least pay down ten percent at the end of the auction, balance of the purchase price within fourteen days of this sale.?

Stewart Krohn, Reporting
It is a large and well constructed building in a terrific location … but today the headquarters of the National Development Foundation on Coney Drive went on Kevin Castillo?s auction block. The Belize Social Security Board had loaned the N.D.F.B. the money to build the three-storey structure, but the foundation couldn?t meet the payment.

Although the crowd of bidders was smaller than expected, those present came prepared to spend. Beginning at five hundred thousand, the offers climbed steadily.

Kevin Castillo
?Can I get seven hundred and fifty thousand? Seven hundred and fifty thousand. Can I get eight hundred thousand? Seven-fifty, can I get eight hundred? Eight hundred in the back. Thank you.?

Some comic relief was provided when Simon Quan inadvertently bid against his own son, Antonio.

Bidder #1
?One point six.?

Kevin Castillo
?I have one million six hundred thousand for Mr. Jorge Castillo.?

But things turned serious as three bidders slowly upped the price.

Kevin Castillo
?Ladies and gentlemen at a million six hundred thousand?at a million six hundred and fifty thousand, which is Mr. Musa?s bid, we?re below the reserved price…?

Bidder #2
?One point seven.?

Kevin Castillo
?Sorry??

Bidder #2
?One point seven?

Kevin Castillo
?I have one million seven hundred thousand from Mr. Jorge Castillo, can I get another offer please.?

Bidder #3
?One-eight.?

Kevin Castillo
?I have one point eight…?

But one point eight was as high as it got. The reserve price set by the S.S.B. had not been met.

Kevin Castillo
?Ladies and gentlemen if there are no other offers I?d like to thank you all for coming.?

So, for now at least, the N.D.F.B.?s home since 1994 remains unsold. It is understood that ongoing negotiations between the foundation and the government may yet keep the N.D.F.B. and its headquarters intact. Stewart Krohn for News Five.

Viewers should note that while the building may be sold in the future, the N.D.F.B. will still survive as a lending institution. The foundation, established in 1983, pioneered the provision of micro loans in Belize and provided seed capital for numerous small businesses that was unavailable from other sources. It eventually ran afoul of a high default rate by borrowers and low contribution rate by public and private donors.