- December 16, 2025
Following an electronic auction for the property, BB&T has reclaimed ownership of City Marketplace.
The auction for City Marketplace, behind Walmart on Cypress Edge Drive, came to a close noon Friday, Jan. 6, with BB&T submitting the winning property bid.
Because the deal had not yet officially been approved by a judge at the time of press, BB&T Communications Vice President David White said that the closing sale price as well as other specifics on the deal could not be disclosed.
Bidding for the four-building, 167,000-square-foot property, which houses Palm Coast’s City Hall, along with several art and dance studios, restaurants and other stores, started at $5 million, and took place in $25,000 increments, with a $100,000 deposit required.
The complex fell into bankruptcy in the summer, under the ownership of Bhagwan Asnani.
“It’s almost like a foreclosure sale, but it’s a bankruptcy, so they have to do the auction,” explained Steve Murray, of Stephen P. Murray, CAI Auctioneers, before closing.
An official at Valerie Hall Manuel, the property’s trustee, confirmed that BB&T is in the process of finalizing the sale’s paperwork and that letters with details would eventually be sent out to tenants.
As Murray predicted prior to the sale, “There’s a bank involved, and they’ll probably end up with (the complex) if nobody bids the $5 million. … Then the bank will try to sell.”
