Going once, going twice, gone, sold to the highest bidder its neighbor, Tamaqua Auto Parts.

During an auction held at noon Tuesday, the former CVS building, 1099 E. Broad St., Tamaqua, sold for $83,600 to Sal Modesto, who owns the adjacent Tamaqua Auto Parts.His high bid was $76,000; the additional monies are a buyer's premium, or 10 percent, added to the bid price. The building had been empty since 2006.Auctioneer Leonard Walter of Tranzon Hanley, which handled the process for G.E. Commercial Finance Business Properties, the current owner, first tried to open the bidding at $100,000.When no one bit, he asked for $50,000 and got it immediately.About two dozen people attended the auction, standing in small groups. Bids increased to $65,000 and stalled there; Tranzon Hanley representative Ed Durnil stepped outside to contact the owner.Bids then inched up $1,000 at a time, as representatives from Tamaqua Auto Parts and Rarick Coal and Oil of Tamaqua swapped the top bid.The Raricks congratulated the Modestos after Tamaqua Auto Parts settled the auction with the highest bid.John Modesto of Port Carbon, who attended the auction with his father, said the property has a lot of positive features."There's 200 feet of road frontage," Modesto said. "It's a good location."The 10,880-square-foot building was constructed in 2001 and occupied by CVS until 2006. It has 50 parking spaces and is connected to public water and sewer.CVS moved out of the building in 2006, after an engineering report found that the building had settled due to the instability of the fill beneath it.The building was auctioned "as is/where is" with no assurances as to physical, environmental or structural condition, Durnil said before the bidding began.Durnil also said the winning bidders have 15 days to close the transaction.Within one business day, the bidder must deposit 15 percent of the purchase price in immediately available funds as nonrefundable earnest money with Chicago Title and Trust Company, the escrow agent.