GSA's Sale of a Surplus Federal Warehouse in Shelby, Ohio

GGD-85-38: Published: Mar 14, 1985. Publicly Released: Mar 14, 1985.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

Pursuant to a congressional request, GAO investigated the General Services Administration's (GSA) sale of a surplus warehouse in Ohio.

GAO found that: (1) 9 months after rejecting a $2 million bid for the warehouse, GSA sold it for approximately $1.3 million; (2) GSA rejected the higher bid for the warehouse because its independent appraisal indicated that the fair market value of the building was substantially higher; (3) while further appraisals determined that the fair market value of the warehouse was slightly over $2 million, the cognizant GSA regional office accepted the lower bid to avoid incurring the costs and delay of a third sale; and (4) the regional office accepted the lower bid in the mistaken belief that it could accept a bid below fair market value without the approval of the GSA central office.

Oct 12, 2017

Oct 11, 2017

Oct 10, 2017

Sep 29, 2017

Sep 28, 2017

Sep 27, 2017

Looking for more? Browse all our products here