38 Studios Auctions Generate $830K

The public auction held Tuesday at what used to be 38 Studios' headquarters in Providence, Rhode Island, raked in approximately $650,000, according to figures released by the Rhode Island Economic Development Corporation. Last week a similar auction was held at the site of 38 Studios' Big Huge Games division in Maryland. That auction brought in $180,000.

The court-appointed receiver who organized the auctions told Joystiq earlier this week that the Kingdoms of Amalur intellectual property will be sold in a negotiated transaction over the next three to six months.

The auctions ultimately raised $830,000 to go against the $150.7 million in debt 38 Studios racked up when it filed for bankruptcy. The state of Rhode Island will raise some more money from the sale of the IP, but it looks like the tax-payers of Rhode Island will eat whatever amount remains – which will still be quite substantial….

Source: Joystiq

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