MEMPHIS, Tenn. — The future of the Oak Court Mall remains up in the air after Wednesday’s public foreclosure auction was postponed until next year.

The Oak Court Mall has been a fixture in East Memphis since 1988 and it has struggled with declining sales and rising crime in recent years.

WREG spoke with a Memphian who’s interested in buying the mall and disappointed this morning’s auction was postponed.

Memphian Rozell Gray joined a handful of other investors Wednesday morning in Downtown Memphis, anxious to make a bid on the foreclosed Oak Court Mall.

However, he was not about to say how much he and his partners are willing to offer.

“I am here today to see what is the cost to purchase the mall under foreclosure,” Gray said. “That’s going to be a secret on the bid. That’s a secret on that. My group, we’re trying to figure out exactly what, we’re gonna try and find a number. So once we figure that out…we’re going to proceed forward with it.”

However Gray and the others never got a chance to shout out their bids.

“It’s now noon. This is a notice of adjournment of foreclosure sale and substitute trustee’s sale,” Carly White announced, who is an associate attorney with Harris/Shelton.

In this case, “adjournment” is simply a legal term for a routine postponement, filed by the holder of the loan that Oak Court still owes money to.

Rozell Gray said he and his partners have big plans for the property and don’t want to see it go away.

“We want to bring it back to its glory. Like I said, the Oak Court area…that’s a pristine area. So, we’re looking to bring it back. You still have two major anchors that are there: Macy’s and Dillard’s, and we need some more good stores. We want to do some good safe shopping and have some quality stores,” Gray said.

Gray emphasized increased security would be a high priority. Inside Oak Court Wednesday, customers wonder about the mall’s future and reflect on the “good ole days.”

“I’ve been coming here since I was a teenager…ever since it opened…started coming here when it opened. I’ve been bringing my kids here since they were little. This has always been their favorite mall,” Sam Greer, a longtime shopper told us.

The assessed value of the 29-acre retail and business complex is more than $23 million.

The foreclosure auction has been rescheduled for January 26 on the southwest corner steps of the Shelby County Courthouse.