38 Studios auction in Rhode Island earned around $650,000
The public auction held Tuesday at 38 Studios' former headquarters in Providence, Rhode Island, grossed approximately $650,000. The official number comes from the Rhode Island Economic Development Corporation, which held an auction last week at the former 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 us earlier this week that the Kingdoms of Amalur intellectual property, which is Rhode Island's best hope for recouping money from its bad investment, will be sold in a negotiated transaction over the next three to six months.
It is estimated that 38 Studios owed $150.7 million when it filed for bankruptcy. The state of Rhode Island has recovered about $830,000 so far, and the remainder of the bill following the IP sale will be swallowed by state tax-payers.
