I dont think this goes through, because most states require it bring 2/3 of appraised value.
In a free market something is only worth what someone is willing to pay for it. Given the glut of empty commercial buildings I am certain that there are some lenders that would be happy to unload commercial properties at a dime on the dollar to get some good money rather than hold onto for years to a depreciating asset that requires upkeep expenses and tax payments.
I am thinking this is an inaccurate representation. My guess is they paid 12.3 million and have to assume either some of the outstanding debt or at least the back taxes.