The historic Federal Reserve Bank of Kansas City building at 925 Grand Blvd. was bought for $12.8 million by the lender holding its promissory note at an auction Monday on the front steps of the Jackson County Courthouse.
The lender, Great Western Bank of Sioux Falls, S.D., had been owed $14.3 million on the property and was the sole bidder at the auction, which lasted only a few minutes. The 21-story vacant building, which opened in 1921, had been owned by an entity established by developer Jason Townsend.
Townsend bought the building in 2005 from the Federal Reserve Bank. The Kansas City Fed then leased its space for three years before moving into new headquarters on Main Street near Penn Valley Park.