Burnett Plaza Sold at Foreclosure for $12.3M, 91% Value Drop

May 12, 2024, 01:14 PM

Burnett Plaza, the tallest building in Fort Worth, Texas, was sold at a foreclosure auction for $12.3 million, a significant drop from its previous purchase price of $137.5 million in 2021. This represents a 91% decrease in value over just three years, marking a 90% loss. The lender was the highest bidder with a $12.3 million credit bid. The previous owner, a New York City-based investment firm, had acquired the property for $137.5 million. This sale highlights potential economic implications for the real estate market.