A Spokane real estate investment group has bought the longtime restaurant site last occupied by Lefty's Steakhouse & Sports, at 3525 N. Division, and has razed the building to prepare the property for resale or redevelopment, says Marshall Clark, president of Clark Pacific Real Estate Co. and listing agent for the property.

Spokane County Assessor records show the federal government sold the property last month for $385,000 to an investment group that includes Spokane lawyer and real estate developer Michael Delay.

Federal authorities seized the property a year ago, after busting a marijuana trafficking ring in 2009 in which the government accused Lefty's former owner John Doan of investing illegal drug profits in the property.

Clark says the 4,400-square-foot structure, which was built in 1965, wasn't in good shape, but the location is suited for commercial redevelopment.

"It's a good location, and there aren't many properties for sale on North Division," he says.

The 17,500-square-foot site, located at the southwest corner of Division Street and Gordon Avenue, is served by a left turn lane from northbound Division, and thus has access from both directions, Clark says.

He says the investment group would prefer to sell the property, but also would build to suit if a viable tenant wants to lease it.

The site had been home to a number of eateries prior to being occupied by Lefty's, including Pioneer Pies, Panhandler Pies, and Doc Holliday's Steakhouse & Saloon.