The auction of a 53,000-square-foot building on Toolebeck Road that would have been Compass Academy been canceled, according to the firm chosen to market and auction the property.
The auction was scheduled for Saturday at 11 a.m.
Dan Bracken with Leonardi Bracken Real Estate Inc. said, “Over the past three weeks, we received substantial interest in the property. We were able to present several offers to our client. Our client then made the prudent decision to accept the highest and best offer. The purchaser has a plan for the property which we believe will be an asset to the community. ”
Bracken was selected by court-appointed receiver Sherri Lydon to sell the facility, which is about 70 percent complete. The property had been on the market for $1.5 million. The opening bid for Saturday's auction was to be $500,000.
Lydon, a Columbia-based attorney, was selected as the receiver of all frozen assets belonging to Compass Academy, Jay Brooks, his wife Tracy Brooks and related companies. Jay Brooks and his companies, J. Brooks Financial and Brooks Real Estate Holdings, are accused by the state Attorney General's office of illegally selling unregistered securities to fund the establishment of Compass Academy.
The Brookses have also been accused by the Securities Division of the Attorney General's office of using those funds to buy groceries, their home, vacations and jewelry, rather than investing the funds as promised. Brooks himself faces multiple civil lawsuits.