Bid too low for historic hotel
“IT was the most ridiculous thing I’ve ever seen,” a spectator said after Gympie’s historic Commercial Hotel was passed in at Saturday’s auction for less than half a million dollars.
The bidding lasted less than 15 minutes and reached a “measly” $425,000 – a far cry from what was believed to be the reserve price.
Selling agent David Strachan, from Ray White Gympie, said on Friday the purpose of the auction was to see what the market was willing to pay. And it appeared that was very little.
“There were six registered bidders on the day and it ended up being passed in at that figure,” Mr Strachan confirmed.
He said, as sale agents, it was Ray White Gympie’s job to sell the property, but the aim of the auction was to test the market to see what the bidders were prepared to pay.
“It’s hard to put a value on the property. At the end of day we are trying to judge what the market is willing to pay,” he said.
“Negotiations with the highest bidder and other parties are continuing, which will hopefully lead to a sale.”