AUCTION: Wells, ME - *Turnkey Business/Development Opportunity* Oceanfront Inn

7,039+/-sf Oceanfront Inn on Moody Point k/a "The Grey Gull Inn" ~ 5-Guest Rooms, Innkeeper Apt. & 100-Seat Restaurant ~ Zoned RB/SO - Possible 4 Lots

Wells, ME (PRWEB) November 21, 2008 -- JJManning Auctioneers is proud to offer this prime .7+/- acre oceanfront property offering panoramic views of Fisherman's Cove & the Atlantic coast. Built in 1893, this 7,039+/- sf. inn has been in operation as "The Grey Gull" for 23 years and it still features many period details. The property is zoned RB (Residential B) and SO (Shoreland Overlay), allowing for the possible creation of up to 4 lots. The site is professionally landscaped, partially fenced with a gravel parking lot & has a large storage building.

Area attractions include shopping, dining, golf, wildlife reserve, family amusements, Marginal Way & some of Maine's best beaches. The central coastal location between Ogunquit & Kennebunkport, is near train & trolley service and is less than a 10 min. walk from Wells Beach. With easy access to Rt. 1 & I-95, the Inn is just ½ hour from Portland, ME & Portsmouth, NH & less than 1½ hours from Boston, MA.

AUCTION: Sat., December 13, 2008 at 11:00 a.m. Bid Live On-Site or Online.
PREVIEW: Sunday, December 7, 2008 (11am-1pm)

TAX ASSESSMENT: $1,323,120
FRONTAGE: 120+/- ft., Webhannet Dr. & 192+/- ft., Perkins Ln.
1ST FL. (3,478+/- SF.): 100-seat restaurant with spectacular ocean views, lounge, fireplace, 2 half baths & kitchen with rear stair to 2nd fl. storage
2ND FL. (2,216+/- SF.): 5 guestrooms (4 ocean view) all with a/c, cable & private baths, office, storage/staff room & bath/laundry
3RD FL. (1,345+/- SF.): Private 3-room apartment with bath
BASEMENT: Full, unfinished

Terms of Sale: 10% certified deposit, $25,000.00 in cash, certified or bank check at auction with remainder by 5pm ET on Wed., 12/17/08. Balance in 45 days. 10% Buyer's Premium. Other terms, if any, announced at the sale. All information from reliable sources believed correct, but not guaranteed. Buyers shall rely on their own judgment & inspection. JJManning Auctioneers is acting exclusively on behalf of Seller in this transaction.

Online Bidding Terms & 2% Buyer's Broker Commission Terms: Visit www.JJManning.com for details & mandatory pre-registration requirements.

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