For the past two days the former St. Gregory's University (SGU) campus has played home to potential shoppers gearing up for the sale of various property from the institution; an auction is set for this morning. The school filed bankruptcy in November — shuttering its doors at the end of its fall semester in December.

For the past two days the former St. Gregory's University (SGU) campus has played home to potential shoppers gearing up for the sale of various property from the institution; an auction is set for this morning. The school filed bankruptcy in November — shuttering its doors at the end of its fall semester in December.

In April the court hired Dakil Auctioneers, Inc., of Oklahoma City, to handle the liquidation of SGU's assets.

Louis Dakil said at 10 a.m. today begins an auction of SGU's personal property — physical items such as computers, equipment, furniture, etc.; the auction is being held at his facility, at 200 NW 114th Street, Oklahoma City.

“The items can be inspected before the auction,” he said.

Dakil said photos and an auction catalog are posted on his website.

For the auction, bidders can either come to the site or bid from elsewhere.

“Those interested (can come to the facility or) will be able to bid online at dakil.com,” he said.

Another auction is to follow, set for 9 a.m. July 17-19, for liquidation of the mineral assets of the university, he said.

“The gas rights will be auctioned over those three days,” he said.

St. Gregory's campus itself also is posted online for sale. Though there is no price listed, the real estate listing, at dakil.com, describes the property as approximately 71 acres, and includes the main building, the student union, the athletic building, performing arts theater, two dormitories, and baseball and softball fields, as well as parking lots and sidewalks on the site.

Background

United States Trustee John Mashburn has been sorting out what assets SGU has, in order to find the most feasible way to pay off its many creditors. In the court filing, the listed total value of SGU is $28,500,000 — according to an appraisal done just more than a year ago.

The assets of the estate, in addition to the campus include certain mineral interests valued at $4,600,000, the court filing reads. Approximately $193,000 related to unpaid tuition obligations also was listed among assets, as well as furniture, fixtures, etc. The filing reports the principal asset is SGU's campus — consisting of 86 acres and several buildings.

In the court filing Mashburn noted the ownership interest of the library's rare books collection, “believed to have significant, but as yet undetermined value,” is to be resolved between SGU and The Benedictine Fathers of Sacred Heart Mission, Inc., (a.k.a. St. Gregory's Abbey) — though now, according to the auctioneer's website, those books are set to be auctioned off, as well.

In the court filing Mashburn said in his efforts to market the campus he has personally conferred with representatives of three potential purchasers, and has been engaged in ongoing discussions.

As a creditor, CPN has a claimed vested interest in the campus, and in order to avoid spending SGU funds, Mashburn entered into a Limited License Agreement with CPN to provide preservation services — maintenance and security for the campus.

Catch up on previous articles about SGU's closure at news-star.com and continue to watch for updates.