The Jefferson Market on Route 32 has a new owner after an on-site foreclosure auction Thursday, May 3.
Raymond Eon, of Wiscasset, bought the property for $200,000. He said he bought it for his brother, David Eon, who was in Florida, but is from South Bristol.
The plan is “to fix it up and flip it, I think. I don’t know. I bought it for my brother,” Raymond Eon said.
Stefan Keenan, an auctioneer and real estate division manager with Keenan Auction Co. Inc., of South Portland, conducted the auction.
“What is this property worth, wherein lies your pleasure?” Keenan said as he asked for an opening bid. “I don’t care where we start, it’s where we end up.” The first bid came in at $50,000.
George Humphrey, owner of Maxwell’s Market and Deli in Wiscasset; and Gary and Jane Gravel, owners of Main Street Grocery, Oliver’s Print Shop, and Supplies Unlimited in Damariscotta, also bid on the property.
The auctioneer called a short recess before he announced the acceptance of the final bid, from Raymond Eon.
At the opening of bidding, Keenan gave some background information on the property and the auction process.
“The property will sell to the highest bidder today,” Keenan said.
Bidders had to deposit $10,000 to participate. The winning bidder’s deposit would be applied to the purchase price.
Keenan said the deposit would need to be increased to 10 percent of the purchase price within five calendar days of the auction, and the balance paid within 30 days.
Bidding took place on a cash basis, with the decision of whether to finance left up to the winning bidder, according to Keenan. The property was being sold on an as is, where is basis.
Keenan said there would not be an itemized bill of sale as part of the purchase and what was being sold entailed whatever the bank has a security in.
The real estate and personal property taxes on the property are listed as current with the 2018 taxes due in October, according to town officials.
Keenan said the property was assessed at over $300,000.
The property was previously listed online by Douglas Erickson, a real estate agent with The Masiello Group, for $497,500.
Jefferson Market is on Davis Stream in the village, at 242 Waldoboro Road (Route 32). The two-story wood-frame building has an apartment and office space in addition to the market space.
The market closed abruptly in February with a sign on the door indicating it was closed for vacation and would reopen in April.