Save Supply real estate sells for $307,000
CHARLESTON, W.Va. - A Kentucky company controlled by Williamson businessman Sam Kapourales has purchased the Save Supply Co. real estate on the West Side for $307,000.
SKSO Properties Inc. bought the property at 711 Park Ave. on Wednesday at an auction held by Jay Goldman of Goldman Associates Inc., Charleston.
According to documents filed on the Kentucky Secretary of State's website, Kapourales organized SKSO Properties in 1998. The company's initial directors were Kapourales and Samuel Olive Jr., both of Williamson. SKSO's most recent annual report, filed in February, lists Kapourales as president and Olive as secretary and treasurer.
Kapourales was mayor of Williamson from 1980 to 2000. A graduate of the Medical College of Virginia's School of Pharmacy, he is a former chairman of the West Virginia Health Care Authority. He currently is a member of the Board of Directors of First Bank of Charleston Inc. He organized Kapourales Properties Limited Liability Co. in 2004 and is a member of Harmony Farms Limited Liability Co., which was organized in 1995.
Tony Marks, executive vice president of First Bank of Charleston, was the high bidder for the Save Supply property. Marks said he acted on behalf of SKSO because Kapourales could not attend the auction.
Marks said he did not know what Kapourales plans to do with the property. Kapourales did not reply to a request for comment.
One bidder at the auction was looking for warehouse space. Another bidder was with a chain of grocery stores. About 20 people attended the event.
Save Supply Co. has been Charleston's family-owned kitchen and bath specialist since 1929. In an August interview, owner Monty Coles said business dropped off in April after mining and drilling permits began drying up and business got worse after the June 29 derecho. The windstorm knocked out power to many West Virginians for up to 10 days.
Coles said that after those events, "I got to thinking, what if something happened to me in a time like that? My wife would be in a mess. At about the same time my brother-in-law passed away and it hit me between the eyes."
Coles, 68, has worked at the store since he was 14 years old. He was at the auction with other family members.
They had set a minimum bid of $325,000 for Save Supply's multiple buildings and 59,000 square feet of real estate.
Goldman opened the bidding at $325,000 but none of the five registered bidders raised a hand. Goldman asked for a bid of $300,000.
A voice in the nearly empty showroom offered $200,000.
With coaxing and cajoling and several pauses so bidders could speak with others via cellphone, Goldman got the bidding up to $290,000.
Bidding was at a standstill for what seemed like an eternity.
"We're not serving lunch today," Goldman joked. "We can have a little cooling off period if you'd like to go out and cool down. There's an election coming and we might see a turnaround in the economy. You might wish you'd bought it."
With bidding still stuck at $290,000, Goldman suggested that two potential buyers could pool their money, buy the property, and use it for multiple purposes.
Some potential buyers got back on their cellphones.
Goldman asked for a bid of $295,000 but there were no takers.
"I'll take a break now and talk to the owners," he said.
The auctioneer returned to say the top bid had not yet reached the selling price. Then somebody offered $300,000.
"Do I have $301,000?" Goldman asked. "If you do it, I think you've got a deal. If you walk away, you may wish you had the deal tomorrow."
Bidding went to $301,000, $302,000, $303,000 and $305,000.
"Anybody at $307,000? Goldman asked.
Marks walked outside with a cellphone to his ear, returned, and bid $307,000.
Goldman declared the property sold.
"You've been a great crowd," he said. "I realize economic conditions are challenging."
Contact writer George Hohmann at firstname.lastname@example.org or 304-348-4836.