An auction for the Lobster Pound Restaurant property will be held Thursday, March 9, by Keenan Auction Co. of South Portland.

The real estate foreclosure auction will start at 11 a.m.

In November 2016, the restaurant's longtime owners Patty and Richard "Dick" McLaughlin filed Chapter 7 bankruptcy. They cited the 2008 stock market crash and ensuing economic downturn, and difficulty managing overhead costs during the restaurant's typical six-month season, as factors in the bankruptcy.

Dick McLaughlin also cited the loss of 26 parking spaces to eminent domain, around 2006 for a state beautification project at Lincolnville Beach, as detrimental to the business. The parking lot was always full in the summer, and people drove by without stopping, McLaughlin said.

A business venture that added Andy's Brew Pub to the restaurant in 2014 did not succeed in extending the restaurant's season and attracting new customers. The restaurant was on the real estate market for a year with the Daigle Group, prior to closing its doors at the end of the 2016 season.

The restaurant was owned and operated by the McLaughlin family since 1958, and built into the landmark on Lincolnville Beach familiar to locals and visitors alike. The first Lobster Pound eatery on Lincolnville Beach dated back to the 1920s and was little more than a lean-to with a lobster cooker.

Courier Publications reporter Susan Mustapich can be reached at 236-8511 or by email at smustapich@villagesoup.com.