Under supervision of a state trial court order, Pompano Beach, FL-based Fisher Auction Co. Inc. will sell the property to the highest bidder, with each participant required to present a $500,000 cashier's check. The checks are returned after the auction to unsuccessful bidders.

The court order comes as condominium owners in the six-story, 50,000-sf foot property agreed to relinquish title to individual units in exchange for an equity interest in the property, Louis B. Fisher III, Fisher Auction president, tells GlobeSt.com.

The Charles Hotel underwent a condo conversion in 1992. "There were several units presold prior to the conversion," Fisher says. "During that time, however, the original developer encountered financial problems, and certainly did not perform his part of the contractual obligations as to the renovations."