The property that formerly housed Trage Bros. appliance store, 7440 Madison St., was sold at auction by the Cook County Sherriff’s Department on Feb. 24, at the Daley Center in downtown Chicago.

The building is now bank-owned.

PrivateBank holds the property’s mortgage and made a $700,000 initial bid Thursday. No other bids were made. The next stop for the property is the real estate market.

According to PrivateBank managing director Jim Thompson, the bank will likely list the property for sale as quickly as possible. No buyer has been confirmed, but Thompson said the bank has received several phone calls from parties who, at this point, have not revealed their intentions for the property.

“They don’t usually tell me what their planned uses are,” Thompson said, “because I’ll want more money if I knew they were going to put a Taj Mahal there.”

If a buyer is found, according to Thompson, the price charged by PrivateBank must be confirmed as reasonable by the same court that handled the property’s foreclosure case.¬†

According to the Cook County Sheriff’s Office, all foreclosed properties must be
auctioned off either by a private company or by the sheriff. The plaintiff, in this case PrivateBank, is charged $285 for a sheriff’s auction. The sheriff’s office typically holds three auctions per week and handles one percent of all the county’s property auctions.