$40 million bid for closed Chicago post office

A former Chicago post office that spans an expressway and has sat vacant for 14 years has apparently been sold at auction for $40 million.

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Representatives of International Property Developers North America Inc., a global company whose principals chose not to be identified, signed the contract behind closed doors. They didn't reveal their development plans.

International Property Developers has three days to make a 10 percent down payment on the bid.

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The 14-story, 77-year-old building, which contains about 2.7 million square feet, used to be the largest postal processing center in the world. It is listed on the National Register of Historic Places but is not a Chicago landmark.

A $300 million plan to build condos, offices and a hotel on the site fell through two years ago. Potential investors in the past have also considered a casino, water park or hotel for the location.