In today’s Washington Post staff writer Paul Schwartzman revisits the story of the “Ledos” building at 433 Mass Ave. The owner, Austin Spriggs, turned down over $2 million from developers for a property assessed at $200K during the height of the bubble. Late last year the District threatened to demolish the property as it was and unsecured shell. Adams National bank took that as a cue to foreclose and put the property on auction. It appeared there was a buyer (for $715,000) at the auction, but Spriggs contested the foreclosure and is supposedly threatening a civil rights lawsuit against the bank.
This April the property has been put back on the market for $1,500,000. Realtor Charles York told WaPo there is interest while members of the development community retorted “not at that price“.