AMARILLO, TEXAS -- Owner of downtown building filed bankruptcy minutes before auctioneers began asking for bids.
Metro Tower Fund, LLC., that owns the Barfield Building, 600 S. Polk St., filed Chapter 11 bankruptcy protection at 9:21 a.m. Tuesday, according documents filed with the U.S. Bankruptcy court.
The building was set to be auctioned off in a sheriff's sale because of a foreclosure in the amount of $320,000 made by the LT Barfield, LLC., that has a lien on the build.
Managing Partner Todd Harmon says he plans on to hang on the property. The property is a prime spot at the corner of Polk & 6th Avenue.
Metro Tower and Harmon have made repeated attempts to restore the building. But have suffered financial collapses and judgments made against the company.
LT Barfield, LLC is owned in part by partners Joe Bob McCartt, Alan Rhodes, James W. Wester, Pedro Cunha and Kathy Cornett along with others.
The Barfield building is considered a historic structure. Metro Tower estimated project cost was $7 million.
Potter-Randall apprasial district lists the value of the Barfield at $228,395.
The building currently has plywood over doors and windows.
