Hired by district court, it took almost a full eight hours Thursday for Dakil Auctioneers, Inc. to liquidate St. Gregory's University's (SGU) personal property — physical items such as computers; televisions; athletic and nursing equipment; furniture; cafeteria; and library, etc. at his facility at 200 NW 114th Street in Oklahoma City.

Hired by district court, it took almost a full eight hours Thursday for Dakil Auctioneers, Inc. to liquidate St. Gregory's University's (SGU) personal property — physical items such as computers; televisions; athletic and nursing equipment; furniture; cafeteria; and library, etc. at his facility at 200 NW 114th Street in Oklahoma City.

Countless items — some pieces sold individually, while others were grouped by room — were sold to the highest bidder, whether online or as one of a few hundred participating at the site; initial estimates — according to the day's bidding — amounted to just more than $315,000 in total gross sales.

Several popular items sold for a fraction of their reported value:

• According to its donor, the auction house said a Koberger Bible, printed in 1447, was valued at $150,000, but sold for $13,300.

• The less-than-a-year-old autopsy/nursing program room — said to have been purchased in the past year for more than $100,000 — was sold for $14,000 at the auction.

• A Malmark 3-octave hand bell set — reported by the auctioneer to have a $10,545 value — sold grouped with several other various items for a total of $3,550.

• A Venezia Cecilware espresso/cappuccino machine purchased with the past year by the school for approximately $6,000 was given to the highest bidder at $2,600.

• The auctioneer reported the Killerspin metal ping pong table up for sale had a retail value of $2,800, but was sold for $450.

• An On The Go Reach-in cooler, Dakil said had a retail value of $4,700 was purchased for $1,700; another one (slightly smaller) went for $1,500.

The rare book collection and library were the highlight of the sale.

Several of the rarest books were sold individually, like:

• A Plvtarchi book printed in 1538 sold for $425

• A Plvtarchi book printed in 1579 sold for $350

• A page from the Akin Bible (First Bible printed in the United States in 1782) sold for $625

• The Theory of the Earth, by Thomas Burnett, printed in 1684, sold for $2,600

• Legal book Francisci Nigri Cyriacl Ma Cyriacus Fancisc, printed in 1664, sold for $2,200

• Religious contents of Martin Luther, dated 1556, sold for $2,200

• A History of the Reformation 1715 Book of Letters of St. Augustine 1517 A.D. Sold for $1,250

The rest of the university's Treasure Room, holding approximately 3,000 rare books, was sold for $16,900.

The roughly 12,000 Catholic and religious books sold for $21,300 — as did the lot made up of the student library, which held 44,000 books of history, science, literature, etc.

More to sell

Louis Dakil said another auction is to follow, set for 9 a.m. July 17-19, to sell off the mineral assets of the university.

“The gas rights will be auctioned over those three days,” he said.

St. Gregory's campus itself also is posted online for sale. Though there is no price listed, the real estate listing, at dakil.com, describes the property as approximately 71 acres, and includes the main building, the student union, the athletic building, performing arts theater, two dormitories, and baseball and softball fields, as well as parking lots and sidewalks on the site.

In the court filing, United States Trustee John Mashburn said in his efforts to market the campus he has personally conferred with representatives of three potential purchasers, and has been engaged in ongoing discussions.

As a creditor, CPN has a claimed vested interest in the campus, and in order to avoid spending SGU funds, Mashburn entered into a Limited License Agreement with CPN to provide preservation services — maintenance and security for the campus (until all sales are completed).

Background

United States Trustee John Mashburn has been sorting out what assets SGU has, in order to find the most feasible way to pay off its many creditors. In the court filing, the listed total value of SGU is $28,500,000 — according to an appraisal done just more than a year ago.

The assets of the estate, in addition to the campus, include certain mineral interests valued at $4,600,000, the court filing reads. Approximately $193,000 related to unpaid tuition obligations also was listed among assets, as well as furniture, fixtures, etc. The filing reports the principal asset is SGU's campus — consisting of 86 acres and several buildings.

Catch up on previous articles about SGU's closure at news-star.com and continue to watch for updates.