The Keenan Auction Company auctioned off 14 properties at The Sheepscot Harbour Village & Resort in Edgecomb, May 5, raising approximately $1,736,000, according to the auction company’s real estate broker Stef Keenan.
The Bank of Maine took ownership of the properties in 2009 after the previous owner, restaurateur Roger Bintliff, under the umbrella of Edgecomb Development, LLC., defaulted.
The properties consisted of 10 condominiums with development rights to build or add new condos, two land parcels, and a commercial building on Rt. 1.
Almost 100 bidders from all over the northeast bid on the properties either in person, by mail, or the Internet, said Keenan. Buyers were a mix between “end users” who will use the property, investors, who will buy and then rent out their purchase, and developers, who have rights on the unfinished units.
The absolute, unreserved auction meant that there were no minimum bids. The properties went to the highest respective bidders.
The Keenan Auction Company marketed the properties in the northeast with a particular emphasis on New York and Connecticut, said Keenan. One hundred fifty people previewed the properties during the three weeks before the auction.
Keenan said that the interest level was so strong because it was absolute. “The market set the price, not the bank,” she said.
The Town of Edgecomb voted in April 2011 not to purchase the 22 acres of land on Davis Island, but instead to modify the town’s zoning ordinances instead.
