Video Game Castle auction in Chicopee Massachusetts (3/07/2023)
5Live Auction of the once beloved Video Game Castle in Chicopee Massachusetts.
The property was seized for back taxes of around $31,000. Auction was for the entire contents of the store, not the building itself.
The store's contents are divided into 106 lots. The auctioneer first tries to auction everything in one giant lot. Regardless of whether he is successful or not, the auctioneer then auctions off each lot. (IE piece meal) Whichever if greater, the combined value of the individual lots auctions or the combine lot, becomes final.
The winning bid for the full lot was $77,000. (Does not include 15% auctioneer fee or MA sales tax.) I did not stick around for the piece meal lot auctions because I highly doubt those lots would sell for a combined value of $77,000 or more. Personally, I valued the goods at $35,000 to $40,000 max, so it sold for double my estimate.
My understanding is that the store owners will receive the proceeds from the auction ($77k - back taxes) or around $46,000.
Whoever bought the lots will be paying around $90k plus taxes. (No tax if they have a reseller certificate.) I personally don’t think they will see that money back unless (a) there are some hidden gems that go for thousands or (b) they are looking to open a store at that location, in which case it's a steal to grab a store with such a strong regional brand name.
Link to store on MassLive:
https://www.masslive.com/business/2023/02/video-game-castle-in-chicopee-must-auction-everything-after-tax-seizure.html
Note:
I have privately taken photos of the lots if anyone is curious. (I have few photos taken of the two basement room lots because their was too much stuff to photograph.)