historic el paso buildings may be saved through bankruptcy

One of the oldest and most historically important private club and office spaces in downtown El Paso could be on track to an eventual renovation and restoration.
Built in 1910, the Toltec Club Building at 717 E. San Antonio Avenue is regarded as a prime example of the Renaissance and Beaux Arts style designed by well-known Western architect John Huddart.
El Paso businessman Alvaro Bustillos has now put in a $600,000 bid for the Toltec building, which is listed as an asset in bankruptcy reorganization proceedings pertaining to developer William Abraham.
Altogether, a group of businessmen, including billionaire Paul Foster, have submitted bids worth $6.2 million to purchase twelve properties that are owned by Abraham.
The structures, many of which are listed on the National Register of Historic Places, are in various states of condition and, according to local preservationists, could be restored and repurposed.
The bankruptcy proceedings were instituted in March by Western District of Texas Bankruptcy Judge Christopher Mott in an attempt to settle Abraham’s debts.
Mott, in turn, appointed Texas attorney Ronald Ingalls as a trustee to oversee those proceedings. Ultimately, Ingalls will determine which of Abraham’s properties will be sold.
Abraham and his real estate investment company, Franklin Acquisitions, owns twenty-nine properties in metro El Paso worth an estimated nearly $37 million.

By Garry Boulard

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