BAKERSFIELD, CA. - The Stockdale Tower is up for auction, and could go to a bidder for $7 million, which is the starting bid at the auction today.
The group holding the auction held walkthroughs of the property late last week.
Stockdale Tower is the tallest building in bakersfield at 12 stories tall.
The office building was constructed in 1983 for Shell Oil.
It was sold to the Moreland Company, which foreclosed on the $24 million original loan balance.
The property went back to the bank last year for $20 million, indicating a $4 million loss.
An online ad for the auction indicates the building is 90 percent occupied by tenants.
The auction closes Wednesday.