The auction of a more than century-old Wabash Valley hotel property was unsuccessful. Jay Jones says the 12 Points Hotel and an adjoining building is valued at $200,000. The Tribune-Star in Terre Haute reports no bids came close to that price. Bidders topped out at $35,000.
Jones is looking to sell the property after unsuccessful attempts to revamp it. He was looking for a buyer interested in continuing the redevelopment he started.
The commercial broker working on the sale tells the publication he will continue to work with a potential group of investors that emerged during the auction.
Source: The Tribune-Star