About 500 items are set to be auctioned off from inside three Borriello Brothers pizza stores in the Colorado Springs area to make up for more than $120,000 the business did not pay in state sales tax.
The auction was set to start at 8:30 a.m. Thursday at the location on Eighth Street in Colorado Springs. The doors will open at 8 a.m. so people can take a look at the items before the bidding starts. The auction for the Powers Boulevard location in northeast Colorado Springs was set to start at 1:30 p.m. Thursday, and the Fountain location is set for auction at 8:30 a.m. Friday with doors opening at 8 a.m.
“These restaurants are very clean compared to some of the ones that we’ve sold in the past. So the equipment is in good shape. It’s been well-maintained. Everything here is in good condition. So if somebody wants to start a business, there is plenty of opportunity here to get a starter kit,” said Rich Schur, the owner and lead auctioneer of Schur Success Group.
The Colorado Department of Revenue seized three locations earlier this year for failure to pay taxes. Schur Success Group, based in Monument, said it won the bid from the state to auction off the three locations.
“The beauty of being an auctioneer is I can talk pretty quick, and we’ll move through it fairly quickly,” Schur said.
He said each auction will be treated separately. At the beginning of each, he’ll ask for what’s known as a “bulk bid”, or a bid to establish a set price level for all the items inside the store. Then, they’ll auction off the items individually, and whichever makes the most money is how they’ll sell the items.