Bankrupt archdiocese gets new, higher bid for chancery

A private firm has bid nearly $3.3 million to buy the chancery of the bankrupt Archdiocese of St. Paul and Minneapolis, offering about $500,000 more than a previous offer from United Properties.

Archdiocese attorneys plan to ask a federal judge on Thursday to approve the new offer.

The firm that made the higher bid is managed by Donald B. Regan, the founder and chairman of Maplewood-based Premier Banks.

If the deal goes through, proceeds would top $8 million, said Paul Donovan, who's helping to sell church properties.

Once the chancery is sold, the church still will have to sell two more St. Paul properties: a vacant lot and a two-story building used for offices, both on the 200 block of Dayton Avenue near the St. Paul Cathedral.

Donovan said there could be many uses for the nearly four-acre chancery site, ranging from senior multi-family housing to keeping the property as it is now.