The next step in the sale of the once-great Arkansas real estate market is a big one.
The state’s real estate agency, the Alabama Land Bank, on Monday started auctions for the property formerly known as the Alabaster Mansion, which is now a luxury apartment complex.
The Alabasters had been living in a home on the outskirts of town for more than a century before the property was demolished in the early 1980s.
The property has a $150 million value and sits just off Interstate 35.
The new owner of the property, a real estate investor named Larry Alabasting, is hoping to make the deal through an intermediary and has said he wants to move the Alabalaster to a new location in downtown Huntsville, which would allow the sale to be completed as quickly as possible.
In recent years, the Alabaasters, who own several properties in Alabama, have been involved in several real estate deals in other parts of the country.
In 2017, they purchased a $30 million property on the Mississippi River, which was then named the Alamo.
The two properties are now valued at $50 million and $70 million, respectively.
The current owner, former Huntsville mayor and former Alabastasent Paul Smith, plans to build a hotel, restaurants, retail, and other buildings on the property.
Alabasing is also seeking to move some of the Alaboasters properties to a more urban location.
Smith, a former Birmingham mayor, owns several properties, including the former Alamo complex, which sold for $3.5 million in 2012.
In January, Smith said he was moving the Alarasts property to Huntsville.
Smith has been the subject of an ethics complaint from the Huntsville Ethics Commission over his business dealings, which include being involved in multiple real estate transactions and an agreement with a Chinese investment firm to buy the Albaraster mansion in 2011 for $2.2 million.
The complaint claims Smith’s conduct was unlawful and that he was not “fully informed” of the potential purchase.
The ethics complaint was filed against Smith in March.
Smith told AL.com he has not yet decided where the property will go.
He has not responded to requests for comment from The Associated Press.