Is this Plausible?

[Justin Williams]

Located in the inner city of New Orleans there is tall building known as the Plaza Tower that is completely abandoned. The building itself is 45 stories tall and 531 ft tall. It's up for auction starting at $250,000. The Giannasca Group was supposed to renovate it for $120 million and convert it to a 197-unit condominium tower but hurricane Katrina destroyed that.

There is no one in there and it seems like its invisible because there no one fixing it or even worried about it. Well not asking about the cost of maintenance (which is estimated around $10 million) but what could come from such a building in a busy city like New Orleans? Is there anyway someone as broke and inexperienced as I could do all the research and wiggle my way into a grand deal like this? I know this is far from my level of real estate.

[Wayne Brooks]

Trust me, many experienced, well financed guys have tried to figure out what to do with it.