$180k raised in 38 Studios auction

PROVIDENCE R.I. (WPRI) – The first of two auctions for items previously belonging to failed videogame company 38 Studios has grossed $180,000.

The court-appointed receiver for Curt Schilling’s now-defunct business said 950 items were sold in a “robust” auction on Monday. The highest bid was for a “video animation suit” that went for $9,500, according to a letter by receiver Richard Land.

“In my experience, Monday’s auction can be considered robust,” Land wrote in the letter sent out to the media by a spokesperson for the Economic Development Corporation. “Having this many bidders helps to extract greater value for the property.”

It’s unclear how much money the auction will generate after expenses and fees.

Another auction is scheduled for Oct. 23 at the hollow Providence headquarters of 38 Studios.

Land said the most valuable asset – the intellectual property – will be available for sale in about three months.

Rhode Island lured 38 Studios from Massachusetts with a $75 million taxpayer-backed loan guarantee in 2010. The company had to lay off its workforce in May and filed for bankruptcy in June.

Taxpayers may be on the hook for up to $102 million to pay back the loan, officials estimate.

Tim White ( twhite@wpri.com ) is the Target 12 investigative reporter for WPRI 12 and Fox Providence. Follow him on Twitter: @white_tim