The $190M Flatiron Building Bidder's Deposit Dilemma.

Jacob Garlick won the auction for the Flatiron Building with a bid of $190 million, but failed to provide the required $19 million deposit, leading to the property likely heading back to auction. Bidders were not required to put down any deposit before participating in the auction, which is highly unorthodox. The property was put up for auction due to a dispute between its majority owners group and Nathan Royce Silverstein, who owned 25 percent. It is unclear why attorneys for the feuding property owners or the judge didn’t require a deposit up front.