Luke owns a commercial building that houses his plumbing business, and he has stopped paying all of his bills. The Bank of Babbs holds the primary mortgage on the building. Waters Bank holds the second mortgage on the building. Yen Bank holds the third mortgage on the building. In addition to the banks, Luke owes money to Marys Plumbing Supply, who has filed a mechanics lien against the property. Bank of Babbs (holder of the primary mortgage) properly brings a foreclosure action against the property. The Bank of Babbs is owed $900,000. Waters Bank is owed $300,000. Yen Bank is owned $100,000. Marys Plumbing Supply is owed $75,000. If Waters Bank seeks a deficiency judgment against Luke after the sheriffs sale of the foreclosed property, for how much did the building sell?

a) $1,125,000

b) $1,200,000

c) $1,300,000

d) $1,375,000