By Kathy Onorato
Two auctions for local properties were scheduled at the former Davis Island Grill in Edgecomb Oct. 18, but only one sale proceeded.
Representing a private party, Carleton Realty Senior Vice President Poe Cilley was the high bidder for the Coburn House, 732 Wiscasset Rd., Boothbay. Cilley’s final $75,000 bid did not meet The Bank of Maine’s reserve, but the parties ultimately reached an agreement.
“In subsequent discussions immediately following the auction I was successful in placing the property under contract with an anticipated closing in about 30 days,” Cilley said. “The agreed upon amount was different.”
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Also Oct. 18, missing paperwork forced the postponement of the auction of the former Davis Island Grill and two condominiums.
Auctioneer Stefan Keenan of the South Portland based Keenan Auction Company said an “as built” plan for the property was never filed with the Lincoln County Registry of Deeds. Without this plan, a new owner couldn’t get an insurance title, Keenan said.
The Bank of Maine decided to get the proper paper work filed and re-schedule the auction for a later date.
“We are fortunate we found it before the sale,” Keenan said.
The Coburn House, located at 732 Wiscasset Rd., (Route 27) was a bed and breakfast with eight suites, lounge/bar and pool. It sits on seven-plus acres and has an appraised value of $387,300.
