The US Bankruptcy Court gave an order approving the sale of certain assets of American Spectrum Realty Inc. on April 1, 2016. The debtor has been authorized to sell its certain assets to Torrey Pines Development Group LLC, for a purchase price of $0.9 million, as per the agreement dated January 11, 2016. Buyer has paid $0.05 million as escrow deposit upon the execution of the agreement.

The debtor's assets include real property located at 461 Ocean View Avenue, Encinitas, California. Debtor hired Lee and Associates as real estate broker to market the property. The broker will be entitled to the 6% commission from the sale proceeds.

The debtor received multiple offers for the property and Torrey Pines Development Group LLC emerged as the winning bidder.