Auction for Flagstaff tops out at $1.425M
The real estate auction for the Flagstaff Event Center in Jim Thorpe ended Thursday afternoon with $1.425 million as the final price.
“We did not hit the reserve, but we got very close,” Realtor Tejas Gosai said shortly after the auction’s conclusion.
Gosai said the identity of the high bidder could not be released Thursday.
“We are currently working with the high bidder to completely ink the deal, time line and closing,” he added. “We are working with a few creditors that we hope understand the significance of a great ownership group coming to this market after trying to find a group like this for so many years.”
The auction began at midnight on Tuesday with a starting price of $500,000.
The property had been listed on real estate websites for $1.6 million.
At 30 acres, the property includes “Gallo’s Pub, a more than 9,000-square-foot event center with ballroom, wraparound balcony, full-service industrial kitchen, intricate courtyard and large parking,” according to the auction listing on the Crexi website.
“With the right ownership, this can mint money,” Gosai said before the auction. “There are still a lot of people looking to build hotels that can’t find the right site. You just need one person to really believe in this and it can be a big win.”