The former 3M corporate campus in Austin, Texas has averted foreclosure after the entity that owns the property — and is controlled by Austin real estate investor Nate Paul — yesterday filed for chapter 11 bankruptcy protection, the Austin American-Statesman reported. That filing came shortly before the 156-acre property had been scheduled for a foreclosure auction. It was the sixth bankruptcy filing since November to stave off potential foreclosure on properties owned by entities controlled by Paul and his World Class Property Co. In August, agents from the FBI and U.S. Department of Treasury searched World Class’ downtown headquarters. Those agencies have declined to comment on the operation. The new bankruptcy filing came as the monthly foreclosure auction was underway on the steps of the Travis County Courthouse. The bankruptcy petition lists the estimated assets of Silicon Hills Campus at $100 million to $500 million and estimated liabilities at $50 million to $100 million.
