|No buyers for Brookings Inn Resort|
|Written by Jane Stebbins, Pilot staff writer|
|December 18, 2013 09:07 am|
Curiosity — and for some, the concern over the local business climate — attracted seven people to the auction of the Brookings Inn Resort on the steps of the Curry County Courthouse in Gold Beach Monday morning.
The minimum bid was $1.004 million — and an additional bid of $35,000 for the furniture and fixtures there.
Ownership now falls back to the National Credit Union Administration, which was investigating the 2012 failure of Chetco Federal Credit Union, which financed some loans with the resort.
The well-known establishment at 1143 Chetco Ave. includes the motel, conference center and Flying Gull Restaurant and Lounge. It was put on the auction block in a foreclosure measure to recoup loan losses.
Debts at the restaurant exceeded $3 million; the county Assessor’s Office lists the real market value of the property as $3.78 million. The foreclosure action was the largest in recent memory, according to County Assessor Jim Kolen.
The property includes the 68-room hotel — the second largest in the community after the Best Western Beachfront Inn at the Port of Brookings-Harbor — a 75-seat restaurant, conference center and swimming pool.
The facility employed from 35 to 50 people throughout the year. It closed earlier this fall.