Belfast mansion sold to The First bank for $700,000
Belfast — The historic James P. White House in Belfast sold to The First bank for $700,000 at a public auction held Tuesday, Jan. 28, after no private bids were offered.
Built in 1840 by James Patterson White and designed by Calvin Ryder, the structure is described as a Greek Revival mansion. The property was purchased from Terry S. Prescott and Robert L. Hansen in January 2009 by Santiago and Diana Rich of Rich Enterprise Holdings, LLC, according to the Waldo County Registry of Deeds.
According to court documents, Rich Enterprise Holdings owes the bank $849,164 in principal, plus interest and other fees.
The First N.A. bank foreclosed on the property in August 2013. The City of Belfast valued the building at $610,600 and the land at $77,600 for a total assessed value of $688,200. According to public records, the building sits on slightly less than one acre and was listed for sale by Legacy Properties Sotheby's International Realty for $820,000.
The city placed a lien on the property in 2012 in the amount of $7,000, and $126.24 is owed to the Belfast Water District, as well as $638.77 in sewer fees.
Bidders were required to put down a deposit of $10,000 before the auction began and to also submit 10 percent of the bid amount within five days of the auction, according to the notice of public sale.
Bidding on Tuesday started at $500,000 but was reduced to $400,000 before Scott Walker, a representative from The First bank entered a bid. Portland attorney Jacob Manheiemer, who served as the auctioneer, halted further bidding until after a brief break.
When bidding resumed, Manheimer said the bank was advancing its bid to $700,000. After stating any bid greater than $700,000 would be accepted by the bank, he also lowered the bid increments from $10,000 to $1,000; however, none of the bidders present offered a larger amount.
After the auction concluded, Walker declined to comment on the sale and directed all questions about what would happen with the property to the bank's office.
A message left with The First bank was not immediately returned as of press time.
Manheimer declined to comment on how many people registered to bid on the property.
Ben Holbrook is a reporter for The Republican Journal covering general news.
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