“The Hole” at 3922 S.W. Alaska St was sold for $32 million in a foreclosure auction at the King County Administration Building on Oct. 7.

In an uneventful auction, the bid started at exactly $32, 385,920.77 – the opening bid from 3922 S.W. Alaska LLC, a company linked to Madison Development out of Kirkland.

No one else entered a bid and after the auctioneer’s “going once, going twice, three times, sold,” 3922 LLC was the winner (although not present at the auction).

3922 LLC has been interested in and involved in The Hole’s future for some time. The property was scheduled for a foreclosure sale in February, but 3922 LLC filed an appeal to stop the sale, telling the court they would post $7.7 million in security to cover the liens against the deed filed by construction companies who had started on The Hole, and never been paid by the Bluestar – the original developer.

Judge Susan Craighead accepted the appeal “because it is virtually certain that 3922 will be the purchaser at that sale.”

Almost seven months later, it turns out she was right.

The Herald has an inquiry out to Madison Development asking if they have specific plans for The Hole, and this story will be updated when we hear back.

The Hole, also known as Fauntleroy Place at the northwest corner of the Fauntleroy Junction was supposed to be developed into a mixed-use building with a Whole Foods Market, Hancock Fabrics, 185 apartments and four floors of underground parking.

Excavation began in 2008 (The Hole was created), but the project quickly stalled when Bluestar, the developer, ran into financial difficulty.

For additional background on the years of court proceedings for The Hole, please check out these Herald stories:

‘The Hole’ in West Seattle dwelling in court proceedings

‘The Hole’ at Fauntleroy Place slated for an October sale