Suit Delays Versailles Center Demolition

Nov 21, 2013

Plans to demolish the empty Versailles Center have been put on hold after a suit was filed by the corporation that owns the property.

Credit city-data.com

IBP, a corporation affiliated with BPI Bank, which took ownership of the center in foreclosure, says Versailles mayor Brian Traugott and the city council gave assurances that the city would give them time to sell the property. Now, IBP is requesting a temporary restraining order and a permanent injunction to stop the city from demolishing the center.

The Lexington Herald-Leader reports the council had planned to award a bid for demolition at its Tuesday meeting. Traugott and others maintain they did nothing to mislead IBP, which claims it has tried to market the center and has secured two sales contracts worth $1.4M.

The shopping center is located north of U.S. 60 and the U.S. 60 Bypass and once housed a RadioShack, Slone’s Market, Rite Aid, and other retailers.