Rangeley Inn prepared for auction block

By Ann Bryant, Sun Journal
Posted July 15, 2013, at 6:34 p.m.

RANGELEY, Maine — A second preview of the Rangeley Inn and Motor Lodge takes place from 10:30 to 11:30 a.m. Tuesday, prior to the intended auction of the property on July 25.

“People are interested,” Jill Daviero, senior vice-president of Tranzon Auction Properties in Portland, said Monday.

Several attended the first preview held July 9 for the 51-room inn and lodge at 2443 Main St., she said. The foreclosure auction takes place at 11 a.m. July 25 at the Main Street site.

Thomas Saturley, Tranzon president, will auction the property for Zion’s First National Bank of Utah, which provided financing for the property for owner C.G. & D.G. Development, LLC, in 2004, Daviero said.

After closing for a few months last year, the inn reopened in January under a new management firm, Nationwide Asset Management Group, hired by the Zion Bank, she said. The firm will manage the inn until a new owner takes over.

“It’s open now for lodging but no meals,” she said.

According to Tranzon’s property information supplied for prospective buyers, the inn was built in the early 1900s, with 36 rooms in the inn and 15 in the lodge overlooking Haley Pond.

The inn includes a banquet room, tavern, dining room, an 18-bed employee wing and an owner/manager apartment.

The town assessed the value of the land and buildings at $1,160,000, with $13,108 in taxes sought for 2012-2013. Another small lot included in the property, consisting of land only, is valued at $61,300 by the town, with taxes assessed at $692.69.

For the auction, a buyer must be prepared to make a $50,000 down payment that day. That amount is expected to rise to 10 percent of the purchase price within five business days after the auction.

For more than 100 years, the inn in the downtown district near Rangeley Lake and bordering Haley Pond has provided shelter for those visiting the scenic area which offers a variety of summer and winter recreation opportunities.

The present inn was built in 1907 at a time when wealthy city dwellers would seek solace traveling by train from Massachusetts, New York and Pennsylvania to Rangeley to get away from the summer heat of the city, according to the inn’s website.

The inn was built on property that hosted a hotel started in 1877. It was later destroyed by fire. The new inn opened in 1909.

In 2004, Jean-Charles and Dominique Goude took over the inn and lodge. Some renovation was undertaken in 2007, according to the inn history.

 

http://bangordailynews.com/2013/07/15/business/rangeley-inn-prepared-for-auction-block/ printed on December 22, 2014