The US auctioneers for Rogers and Hansen Auction House (SAMS) announced Monday they will auction off the property formerly owned by their parent company, the National Basketball Association (NBA).
According to an announcement on the NBA website, the auction will take place on September 22, 2020, at 9:00 a.m.
PST in Manhattan’s West Village.SAMS is the new name of the auction company that launched in 2015, after its parent company had been sold to AOL.
The move is a big deal for the company, which has been struggling with the aftermath of a massive ransomware attack in November of 2016.
The auction will begin with proceeds going to the National Institute of Standards and Technology (NIST), a federal agency that researches cybersecurity and technology.
The NIST is currently running a $1 billion cybersecurity initiative with the goal of advancing the nation’s cybersecurity capabilities.
The auction will go through a series of auctions before it ultimately ends with a sale price of about $4.3 billion.
The NBA purchased the Hansen Properties in 2015 for $750 million.
During the bidding process, the bid was set at $1.2 billion and the winning bid was $1,250 million.
The NBA later offered the Hansen properties to an independent firm that has been contracted to manage the properties for $900 million.
However, the deal was rejected.