Contact: Belinda Arsenault
Tel: (207) 775-4300
Email: barsenault@tranzon.com

FOR IMMEDIATE RELEASE

It took less than 45 minutes for Auctioneer Tom Saturley to put the White Rose Inn under contract for almost $2 million on Thursday.

Engaged by Kennebunk Savings Bank to conduct the foreclosure sale, Tranzon Auction Properties began marketing the property in February, garnering the interest of potential buyers across the country. The opportunity to own and operate a bed-and-breakfast (delivered turn-key, no less) in scenic Ogunquit, with its lively Summer season and constant stream of visitors, was certain to attract plenty of prospective bidders; that the property had also been approved by the town as an 18-unit condotel project, an increasingly popular real estate trend in Maine’s coastal destinations, helped to generate additional interest amongst investors and developers.

A number of registered bidders participated in the public out-cry auction, with a local businessperson placing the bid. The hammer price? $1.8 million dollars. Tom Saturley, President of Tranzon Auction Properties said, “The response to the marketing campaign was tremendous, with inquiries from across the country. The hospitality industry in Southern Maine remains strong.”

While there is no word yet on the new owners’ plans for the White Rose Inn, the property lends itself to a number of ventures. With its new construction, pleasantly appointed rooms, and proximity to Ogunquit’s famed beaches, the White Rose Inn is a promising contribution to the community’s thriving commerce.

Tranzon Auction Properties, with offices in Portland, ME and Greater Boston, provides Real Estate Solutions, including Asset Disposition, Analysis, Accelerated Marketing and Auction Services. Tranzon Auction Properties is a member company of Tranzon, LLC comprised of 31 offices nationwide.