T
he bidding war for the Ziggurat, a 91-acre federal office complex in Laguna Niguel, has reached a fever pitch. The price has skyrocketed to $164.4 million, more than double the initial asking price of $70 million. This is despite the auction's rules stating that it would close if no bids were made for 24 hours.

    The intense competition has extended the auction by 37 business days, with three bidders engaging in a back-and-forth bidding process. Each bid increase has been $300,000, with the two main bidders, known as "Bidder #01" and "Bidder #02," exchanging blows over several days.

    The Ziggurat, designed to resemble an ancient Mesopotamian stepped pyramid, is a Brutalist concrete structure that has stood vacant for nearly three years. The property's value lies in its potential for large-scale development, with the Urban Land Institute recommending up to 4,000 homes on the site. The building's historic significance and distinctive design may be lost if it is demolished, but the allure of high-density development has drawn investors to the auction.

    The bidding war has been ongoing since June 5, when online bidding opened for the property. Despite a brief lull in activity earlier this month, the competition has resumed with renewed vigor, pushing the price to unprecedented heights.