A handful of bidders and two serious contenders participated in last week's auction of Egan's Restaurant in Waitsfield, but the bank ultimately bought the property for $501,000.
The two serious bidders opened the bidding at $225,000 and the price crept up to $295,000, which was not enough to satisfy the bank, Peoples United Bank, formerly the Chittenden Bank. After a consultation with the bank, bidders were asked who would pay $501,000 for the property -- and the bank did.
The auction was held on Thursday, October 14, by the Thomas Hirchak
Company. The property includes a 250-seat restaurant, an apartment and
commercial space on the first floor.
Until this spring, the business was operated by Bernie Isabelle who started the restaurant in the former MadBush Lodge further south on Route 100 between the Rolston and Bundy Roads.
The building is located on the corner of Routes 17 and 100.