BLOWING ROCK
The historic Green Park Inn fetched a high bid of just $750,000 yesterday, which didn't meet an undisclosed reserve.
The owner will negotiate with the high bidder to see if they can reach a deal on the hotel and nearly 3 acres on the eastern Continental Divide.
Frank Parkhurst III and his wife, Suzanne, of Blowing Rock were the high bidders.
Frank Parkhurst is the developer of Mayview Centre Court, a town-home complex that stands on the tennis-court area of the old Mayview Manor, another of Blowing Rock's grand hotels.
Parkhurst said that the Green Park is a great piece of property and that he is keeping his options open as to what to do with it. After the auction, he said he was told that the seller would be in touch with him today to negotiate.
"I love Blowing Rock a great deal," Parkhurst said.
The Green Park Inn closed May 24, a victim of the bad economy.
If a deal can't be reached to sell it, the inn will likely go into foreclosure, hotel officials have said.
Rogers Realty and Auction of Mount Airy, who conducted the auction, had expected the property to sell for $2 million to $3 million. The tax value on the hotel and 2.8 acres in Watauga County is $3.15 million, according to tax records. (A small portion of the property is in Caldwell County.)
More than 100 people -- and the Green Park's famous green-horse statue -- crowded into the Green Park's ballroom for the auction. People ate free plates of barbecue as auctioneer Mark Rogers warmed up the crowd.
Rogers noted that the auction was for the hotel and everything in it.
"When I say lock, stock and barrel, that means everything and the green horse," he said. "You would not believe how many times the phone rings, saying, ‘Are you selling the green horse?'"
He called for $5 million to open the auction, but the bidding opened at $500,000.
He asked for $750,00, and someone yelled out $600,000.
"Don't let this opportunity pass you by, folks," Rogers said.
Then someone shouted $700,000.
Parkhurst offered $750,000.
Eight minutes into the auction, Rogers called for a break.
"Folks, I only have $750,000. I can't believe it," he said. "I figure the land's worth that much."
After a short break, the auctioneer stepped back to the microphone, asking $800,000.
"Last call," he said. "If you want to bid, you better do it quick."
But no one offered another bid.
Afterward, Rogers said that the bid didn't meet the reserve.
"Sign of the times, it has to be," he said. "The land would have brought $5 million a few years ago. It'll be interesting to see what happens."
■ Monte Mitchell can be reached in Wilkesboro at 336-667-5691 or at mmitchell@wsjournal.com.
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