Ind. man releases hostages, fatally shoots self

Police surround a real estate office on May 25, 2012, in Valpariso, Ind., where they say a gunman is holding an unknown number of hostages. / Jon L. Hendricks,AP Photo/The Times of Northwest Indiana

Last Updated 9:12 p.m. ET

(CBS/AP) VALPARAISO, Ind. - A gunman looking for someone he believed owed him money shot himself inside an Indiana real estate office several hours after releasing hostages Friday, and he died after being rushed to a hospital, police said.

Two loud bangs were heard Friday afternoon before SWAT team members broke windows and rushed into the Prudential Executive Group Real Estate office in Valparaiso, where police said the gunman had holed up.

Valparaiso Police Chief Michael Brickner said officers determined the gunman had shot himself twice in the head, likely before they entered the building. The man was rushed to a hospital in critical condition, and he died Friday evening, Sgt. Michael Grennes said.

"It's unfortunate the way it ended," Brickner had said to CBS station WBBM in Chicago. "The main thing is, the officers aren't hurt and no innocent individuals are hurt as well."

The gunman's name hasn't been released.

"He has some history here, but we believe he's from out of state," Brickner said.

Police had received a 911 call about 10 a.m. reporting that a man with a gun had entered the brokerage office. Grennes said there was a "brief exchange of gunfire" when officers arrived.

One witness, Randy Baker, said he was shoveling asphalt in an adjacent parking lot when an officer wielding a pistol suddenly ran by and asked if he'd seen or heard anything about a gun. When Baker said he hadn't, the officer approached the Prudential building.

Seconds later, the officer began firing at least half a dozen times in rapid succession, Baker said, adding: "It was like boom, boom, boom, boom."

After jumping behind his B&G Seal Coating truck when the firing began, he peeked slowly around to see a woman through a Prudential window — cowering under an office desk.

"That's what really scared me," Baker said. "And I ran out of there fast."

Grennes said there were fewer than 10 people in the building when the incident began. The last two hostages were released unharmed after 3 p.m.

No hostages reported being shot, though Grennes said one person who was struck in the head during the incident was treated and released from a hospital.

SWAT team members stormed the building less than two hours later.

Mack Elliott, an agent at the brokerage, earlier told The Associated Press he was not in the office when the gunman entered, but had spoken to a couple of agents who were working at the time. He believed the incident stemmed from a dispute over a real estate transaction.

[Res_Ipsa_Loquitur]

Good. One less rightwing American nutjob with a gun we need to disarm and kill.

[askagain]

And how do you know the political leanings of this guy? Your ignorance is certainly showing wiith your post. Next you will be telling us that gang members and car thiefs are rightwing, too.

[Res_Ipsa_Loquitur]

Because Liberals don't own guns. We have large ******* and don't need guns as a surrogate for small ones. LOL.

[nny123]

So. A man shoots himself twice in the head? how is that possible?

[Spankybulldog]

I left indiana at 18 and never went back. The hottest guy in the world today for truth is mohammad goldstein. get it for nuttin Obama has a copy of the plot to overthrow. You would think more people woud move out of Indiana where the children are taught to sing the state song as they ride the winding hills corn corn corn corn.

[Void-Master]

The schools went on lock down over this? Why? This didn't happen at a school.

[milkcowblues]

Realtors deserve to be terrorized. There shady underhanded ways are coming back to them.

[occupy_cbs]

Actually handout, some realtors were complicit in helping drive the prices of real estate upwards during the bubble, by using favorable appraisers that they knew in order to get higher prices and higher commissions. There is plenty of blame that can be spread around on just about every part of the housing bubble that popped, and I still haven't found one innocent party yet.

[giantsfan245]

That's a completely irrational thing to say...no one deserves to be terrorized.
Additionally, Realtors don't have a choice as to what appraisers to use, those choices were made by mortgage brokers. The banks are responsible for driving the prices of homes to bubble levels. You're totally full of it. Instead of blaming people why don't you try helping a homeowner who is in tears because they lost their home because the bank said they would modify their loan then forecloses on them leaving them homeless. If you blame anyone blame Wall Street...they are holding the strings. Idiots..