This morning, the city announced that Versailles Apartments are now in receivership. The court has appointed Trigild, a national real estate management firm with an office in Chicago, to manage the complex. The Observer has sent an inquiry to Trigild, and will update this story with additional information as we receive it.
Garda World has been selected as onsite security for the complex. They will canvass the complex, accompanied by the Ferguson police and code enforcement officers, to establish a list of occupants. “Currently, no one knows how many people are living in the units and the police department will be present to ensure safety while GardaWorld obtains this information for Trigild.” The canvas started this morning.
Versailles Apartments, a 100 unit building on a 5 acre site on West Florissant, was built in 1969. It is presently owned by Hughes Private Capital, a Nevada firm which is presently in bankruptcy. According to court records, they have filed for a Chapter 7 bankruptcy, which will result in liquidation of the company. (See the bankruptcy filing here and more details on assets and liabilities here) Bankruptcy filings value Versailles at $300,000, and indicate that “it could be worth as much as $1,000,000 if the apartment complex is repaired and occupancy rates maximized.” Public records indicate that the complex was purchase for $4,000,000 in 2021.