Eola Hotel sale from auction still pending
Published 12:40 am Wednesday, December 16, 2009
NATCHEZ — A customer service representative of the firm responsible for auctioning the Natchez Eola Hotel, the Natchez Eola Guest House and the Prentiss Club said Tuesday the sales are still pending.
Williams & Williams auction firm of Tulsa, Okla., expects to have results from the sales within the week.
The Eola, 110 S. Pearl St., sold to a high bidder last month for $4.8 million in a commercial and historic real estate auction at the hotel last month. Both the Guest House, 201 N. Pearl St., and the Prentiss Club, 211 N. Pearl St., sold to a high bidder for $800,000 each.
The nominal opening bid for the Eola was $500,000 while the nominal opening bid for the Guest House and the Prentiss Club was $250,000 each. An on-site bid representative submitted the high bids against a live crowd.
The bidders’ identities have not been revealed since the sales are not final.
Seller Bob Dean of Baton Rouge had 14 days to accept or decline the bids, but sometimes that deadline is extended, Williams & Williams said.
If Dean accepts the bids, the high bidder of the Eola will incur an added cost of $250,000 for all personal property on the premises unless Dean excludes personal items.
The high bidder of the Guest and the Prentiss Club will incur an added cost of $150,000 for all personal property at the Guest House.
Dean will remove all personal property at the Prentiss Club with the exception of the draperies and lighting fixtures valued at $100,000. The added cost is due at closing if the buyer decides to purchase the furnishings.