The Rangeley Inn up for auction
Zions First National Bank will seek a buyer at auction for the 51-room Rangeley Inn & Motor Lodge later this month.
The Sun Journal reported the sale comes after the Utah-based bank provided financing for the property to C.G. & D.G. Development LLC in 2004, when Jean-Charles and Dominique Goude took over management.
The 14,245-square-foot hotel space includes a three-story inn built in the late 1900s and a one-story motel and lodge located on 6.8 acres adjacent to Rangeley Lake. According to auction documents prepared by Tranzon Auction Properties, the land and building are assessed at around $1.2 million with taxable personal property assessed at around $62,500.
Since the beginning of this year, the inn has been operated by Nationwide Asset Management Group, a firm specializing in court-appointed receivership of distressed commercial and hospitality properties.
The inn was originally built in 1907 to accommodate wealthy guests from New York, Massachusetts and Pennsylvania, according to the inn's website. Auction of the property at 2443 Main St. is scheduled for July 25 at 11 a.m.
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