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Home»commercial real estate»Laguna Niguel’s Ziggurat auction soars $100 million past initial asking price
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Laguna Niguel’s Ziggurat auction soars $100 million past initial asking price

Savannah RollinsBy Savannah RollinsNovember 14, 2024No Comments8 Mins Read
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Updated with bids on Tuesday to Friday, Oct. 8-11.

The auction for Laguna Niguel’s iconic Ziggurat is now nine digits above the government’s original ask.

The General Services Administration auction site shows two bids on Friday, Oct. 11, pushed the price to $172.8 million. That’s $102.8 million more than the $70 million that opened bidding on June 5 for the pyramid-shaped Chet Holifield Federal Building and surrounding land that is no longer needed by the federal government.

Yes, the price has soared 147%, after 142 bids on 54 days. The auction has stretched over five months thanks to it’s “soft auction” rules.

You see, if the highest bid is topped in a 24-hour period, the deadline is extended by another 24 hours. So the next deadline is Monday, Oct. 14, at 12:30 p.m.

This curious qualification for extra bidding was first reached on the original auction deadline day of July 31 – and every business day since. The auction’s extension has upped the price by $36 million – a 26% increase – due to this “soft close” arrangement.

Both of the latest bids were $300,000 increases in price, the minimum increment allowed. It’s been a common move by the auction’s three bidders, accounting for 132 of the bids.

It was also the 40th day the auction was kept alive by a bid one hour or less from deadline. This last-moment action came 15 minutes before a potential end.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com

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    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building, also known as the Ziggurat...

    The Chet Holifield Federal Building, also known as the Ziggurat building, on Avila Road in Laguna Niguel, CA is seen on Sunday, Sept. 15, 2024. (Photo by Jonathan Lansner, Orange County Register/SCNG)

  • The iconic “Ziggurat” complex in Laguna Niguel, formally known as...

    The iconic “Ziggurat” complex in Laguna Niguel, formally known as the Chet Holifield Federal Building, is up for auction. (Photo by Jonathan Lansner/SCNG)

  • The ’60s futuristic design might look dated today, but it’s...

    The ’60s futuristic design might look dated today, but it’s seen throughout Laguna Niguel’s Chet Holifield Federal Building, know as the Ziggurat. (File photo)

  • The Chet Holifield Federal Building, also known as the Ziggurat...

    The Chet Holifield Federal Building, also known as the Ziggurat building, on Avila Road in Laguna Niguel, CA is seen on Wednesday, August 19, 2020. (Photo by Paul Bersebach, Orange County Register/SCNG)

  • A 1971 image of the Ziggurat, which was the only...

    A 1971 image of the Ziggurat, which was the only structure in a barren Laguna Niguel at the time. (File photo)

  • A 1971 image of the Ziggurat, which was the only...

    A 1971 image of the Ziggurat, which was the only structure in a barren Laguna Niguel at the time. (File photo)

  • The Chet Holifield Federal Building in 1971 looking north. (Source:...

    The Chet Holifield Federal Building in 1971 looking north. (Source: GSA)

  • Federal map of the Chet Holifield Federal Building property in...

    Federal map of the Chet Holifield Federal Building property in laguna Niguel. (Source: GSA)

1 of 19

Expand

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com

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  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna...

    The Chet Holifield Federal Building nicknamed the Ziggurat, in Laguna Niguel, CA, on Wednesday, Sept. 18, 2024. The distinctive, pyramid-esque structure and its 89-acre campus, are up for auction on the federal government’s General Services Administration website. (Photo by Jeff Gritchen, Orange County Register/SCNG)

  • The Chet Holifield Federal Building, also known as the Ziggurat...

    The Chet Holifield Federal Building, also known as the Ziggurat building, on Avila Road in Laguna Niguel, CA is seen on Sunday, Sept. 15, 2024. (Photo by Jonathan Lansner, Orange County Register/SCNG)

  • The iconic “Ziggurat” complex in Laguna Niguel, formally known as...

    The iconic “Ziggurat” complex in Laguna Niguel, formally known as the Chet Holifield Federal Building, is up for auction. (Photo by Jonathan Lansner/SCNG)

  • The ’60s futuristic design might look dated today, but it’s...

    The ’60s futuristic design might look dated today, but it’s seen throughout Laguna Niguel’s Chet Holifield Federal Building, know as the Ziggurat. (File photo)

  • The Chet Holifield Federal Building, also known as the Ziggurat...

    The Chet Holifield Federal Building, also known as the Ziggurat building, on Avila Road in Laguna Niguel, CA is seen on Wednesday, August 19, 2020. (Photo by Paul Bersebach, Orange County Register/SCNG)

  • A 1971 image of the Ziggurat, which was the only...

    A 1971 image of the Ziggurat, which was the only structure in a barren Laguna Niguel at the time. (File photo)

  • A 1971 image of the Ziggurat, which was the only...

    A 1971 image of the Ziggurat, which was the only structure in a barren Laguna Niguel at the time. (File photo)

  • The Chet Holifield Federal Building in 1971 looking north. (Source:...

    The Chet Holifield Federal Building in 1971 looking north. (Source: GSA)

  • Federal map of the Chet Holifield Federal Building property in...

    Federal map of the Chet Holifield Federal Building property in laguna Niguel. (Source: GSA)

1 of 19

Expand



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