Bank Outbids Renters at 417 Rentals Auction

News

SPRINGFIELD, Mo.–Mid-Missouri Bank purchased 14 out of 20 homes up for auction Thursday on the Courthouse steps in Springfield.

Those homes belonged to 417 Rentals. They’re up for sale after the owner, Chris Gatley’s, bankruptcy case was dismissed. 

417 Rentals has about 500 residential properties in the Springfield area.

The company owes 13 banks more than $19 million, according to court filings.

During Thursday’s auction, one couple who lives in one of Gatley’s homes told our Jesse Inman they brought some money to the auction, in hopes of buying the home they’re living in.

Mid-Missouri Bank ended up outbidding the couple. The bank told them they’ll either work with them on a plan to buy the house, or the bank will end up selling the house to someone else.

417 Rentals owner Chris Gatley was shot in late January. No one has been charged in the shooting.

We’ll continue to work on this story, and will bring you the latest on KOLR10 News at 6:00 and 10:00 p.m., and on Ozarks Fox at 9:00 p.m.

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