Future of Shrewsbury Lanes Up In Air, Auction Set for Tuesday

Photo Credit: Doug Miner
Photo Credit: Doug Miner

Tuesday is D-Day for Shrewsbury Lanes, a bowling alley that has operated for more than 50 years at 7202 Weil Ave.

It is now in receivership, and will be auctioned Aug. 13. See: 5 Things to Know About the Shrewsbury Lanes Auction

The bowling alley has remained open throughout the auction preparation process, but will close later this week for final prep work, according to Tom Hunt of Indianapolis-based Key Auctioneers. The auction house is handling the sale. Read: Shrewsbury Lanes Open For Pre-Auction Inspection Wednesday

A Key press release indicates Saturday is the bowling alley's last night in operation, according to the St. Louis Business Journal.

It’s being offered for purchase to remain as a bowling alley or for another retail-specific purpose. The auction company, Key Auctioneering, suggests a large retail development, shopping center or amusement center.

In 2012 the building was appraised at $536,700 and the land at $181,400 for a $718,100 total.

In 2013 the building dropped to $175,400, the land increased to $444,300 for a $619,700 total. (From St. Louis County records.) The building is 22,632 square feet and the lot is 1.7 acres. It was built in 1959-1960.

In October 2012, PNC Bank sued Bulinski; Patrick Humes of St. Louis; and ownership entities PBC Holding LLC and PBC Bowling LLC. Its claim was the companies defaulted on a $365,515 loan and failed to pay real estate taxes for 2010 and 2011, according to a complaint filed in U.S. District Court in St. Louis.

The note was secured by a deed of trust on the bowling alley property, along with other things; and according to court documents the bank was looking for its $331,530 for the outstanding loan balance and late charges, plus interest and attorneys’ fees.

That's where Key Auctioneers come into play. It was named receiver for the bowling alley in January, and in June, the court authorized Key to auction the property. A second option was to make a private sale.

Real estate manager with Key Auctioneers, Mitch Doner, previously told Patch the business could sell as a turn-key operation, to stay as a bowling alley, or piece by piece.

He said investors have already made offers to purchase as a turn-key.

For more on Shrewsbury Lanes see: 

Jim Singler August 12, 2013 at 09:43 PM
The Lanes were sold pre auction earlier today. There will be no auction tomorrow.
Chris Mallie August 13, 2013 at 06:52 AM
Any information on the buyer or future plans?


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