Shelbourne Properties III, Inc. Announces Sale of Las Vegas, Nevada Property
November 06 2003 - 11:16AM
PR Newswire (US)
Shelbourne Properties III, Inc. Announces Sale of Las Vegas, Nevada
Property BOSTON, Nov. 6 /PRNewswire-FirstCall/ -- Shelbourne
Properties III, Inc. is pleased to announce that its property
located in Las Vegas, Nevada was sold on November 5, 2003 for a
gross sales price of $17,500,000. After satisfying the debt
encumbering the property, closing adjustments and other closing
costs, net proceeds were approximately $1,800,000. The Board of
Directors and Shareholders of Shelbourne III have previously
approved a plan of liquidation for Shelbourne III. As a result of
the sale of the Las Vegas property, the only remaining real
properties owned by Shelbourne III are its 79.34% interest in an
industrial building in the Columbus, Ohio area and its interest in
20 hotel properties held for the benefit of the Class A limited
partner of its operating partnership, Shelbourne Properties III,
L.P. For additional information concerning the proposed liquidation
including information relating to the sale of the Las Vegas
property and the properties owned by Shelbourne III please contact
John Driscoll at (617) 570-4609 and for information with respect to
the outstanding shares of the Shelbourne II please contact Beverly
Bergman at (617) 570-4607. DATASOURCE: Shelbourne Properties III,
Inc. CONTACT: John Driscoll, +1-617-570-4609, or Beverly Bergman,
+1-617-570-4607, both for Shelbourne Properties III, Inc.
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