“The city has decided not to accept the bid offering and is disappointed that higher bids were not forthcoming,” City Manager Joseph Scherer said in a statement this morning. “The city will continue to market the facility for sale through its commercial real estate agent and look at all its options in pursuing the sale of the theatre.”
The bidding closed Wednesday.
The Triangle Business Journal of Raleigh reported the final price at the end of the process was $3.45 million, less than an undisclosed minimum reserve price set by the city.
Mayor Emery Doughtie could not be immediately reached for comment this morning.
Councilman Wayne Smith, who has pushed for the sale of theater, said he believes the city shouldn’t accept anything less than $4 million for the building.
By mid-morning one bid was issued for $1.6 million.
The business journal reported by the time the clock had ticked down to the 30-minute mark, the price had jumped to $1.85 million, then $2.35 million, $2.6 million and $2.85 million when another two minutes was added back to the clock.
The city said last month the auction was seen as a way to boost sales of the venue. Scheduled shows will continue despite the theater being up for sale.