Business & Tech
Peregrine Financial Headquarters Sells for Millions Under Value
A Peosta developer has bought the building that housed Russell Wasendorf Sr.'s business before he was charged with embezzling over $200 million.
The headquarters of Peregrine Financial Group has been sold.
A.J. Spiegel, the owner of Spiegel Family Realty and Mi-T-M Corp, made the winning bid to purchase the 48,250 building that once housed Russell Wasendorf Sr.'s business. Wasendorf is now in prison for embezzling over $200 million, and Peregrine Financial Group is bankrupt.
Spiegel outbid Karlin Real Estate of Los Angeles. He bid $3,255,000 on the state-of-the-art, LEED-certified building and the 22 acres it sits on, far below the building's original cost of $20 million.
Spiegel, whose businesses are based in Peosta, near Dubuque, told the Waterloo-Cedar Falls Courier he may lease the building to area businesses:
“I think there‘s a lot of possibilities. It’s a very first-class office operation. I’m fortunate to bid and win the bid, and there is an opportunity for companies in the Cedar Falls and Waterloo area to work some kind of leasing or office for one or two companies, and it would work out well.”
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