Developer Tony Casella was the highest bidder in the auction of the former Davis Island Grill in Edgecomb, Nov. 21.
Casella’s bid of $225,000 did not meet the bank’s reserve and required further negotiations with the bank. After speaking with the bank, Casella said he agreed to pay, $325,000, which includes a 10 percent buyer’s premium, for the former restaurant.
Casella plans to remodel the restaurant and create a function facility, which he says will create 15 to 18 jobs.
Also up for auction were two condo units which were sold to Tim Gadboise of Scarborough. As the high bidder of $125,000 for a unit, Gadbois had the opportunity to take his pick of which unit he wanted or choose to take both units and pay $125,000 for each unit. He opted to purchase both units and will pay $250,000.
The auction of these properties were originally scheduled for Oct. 18 and had to be rescheduled due to the lack of an “as built” floor plan, which now has been completed and accepted by the condominium’s association, according to Stefan Keegan of Keegan Auctions, the company handling the auction.
(Ed Note: This story was edited Nov. 22 at 7:27 p.m. to correct the spelling of “Grill.”)
