Auction Has Ended: Here’s The Highest Bid For The Bangor Mall
After a starting bid of $6.5 million, the online auction of the Bangor Mall has finally concluded.
The auction was due to end at 11 a.m. Wednesday, Feb. 27, but numerous bids continued well past noon. Figures of $7.5 and $8.5 million hung for the majority of the morning, but once 11 a.m. hit, the bids increased significantly.
A company called Ten-X Commercial conducted the auction for the mall that was built on a cow pasture back in 1978. The company's description included that Bangor Mall is the "only enclosed regional mall within a 137-mile radius," and that it has "In-place gross and net operating incomes of approximately $6.9M and $2.7M respectively."
Today's final bid for Bangor Mall was $14.95 million.
While the $14.95-million bid was the highest bid on during the Wednesday auction, it's unclear if that bid will be accepted by the seller since it did not meet the minimum "reserve" bid set by the seller prior to the auction. The winning bidder can eventually be declared, even though the reserve was not met, so it may or may not take some time until it's announced as to whether the winning bid is actually accepted, and who the buyer is.