Orleans’ landmark Arbor/Saltwater Grille property failed to sell at a foreclosure auction held at the 20 South Orleans Road site Wednesday.
Auctioneer Dan McLaughlin asked for an opening bid of $600,000. When no bidder came forward, he reduced the opening bid until one was received at $300,000.
Bidding rose to $375,000 and held at that level. After conferring with TD Bank representatives, McLaughlin announced that the auction was being postponed until September 13 at 11 a.m.
The Orleans assessing record for the property values the land at $452,600, the building at $514,300 and a detached structure at $800 – a total assessed value of $967,700.
The property was open for inspection prior to the auction, which started fifteen minutes late at 11:15 a.m. likely due to a stream of bidders and spectators arriving late. Inside the restaurant, visitors found tables dressed, tray stands ready, liquor still in the racks and computers powered up and ready to take orders. Other than a rather damp smell, the restaurant section appeared clean and "ready for business".
The outside of the building was overgrown. The roof and other parts of the structure may need attention soon.
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(Above photo: Auctioneer Dan McLaughlin explains how a foreclosure auction works to those attending the proceedings at the Arbor/Saltwater Grille property in Orleans. The auction was halted and re-scheduled for September 13th after bidding failed to rise about $375,000 for the landmark property overlooking Town Cove. CapeCodToday.com photo.)
(The landmark 1869 building that housed the former Saltwater Grille in Orleans stands open for bidders to inspect prior to today’s foreclosure auction. CapeCodToday.com photo.)