Shoppingtown Mall will soon be auctioned to the highest bidder after its previous owners, The Macerich Company, defaulted on a $40 million loan two years ago.
The mall's future is uncertain, as Macerich walked away saying Shoppingtown was one of its least profitable assets. Since their default, the mall has seen a steady decline of big-name stores. The auction, which begins Monday, is said to have a $7 million minimum bid. Bidding on the mall property will end on Wednesday.