Leon Capelouto is the current owner of the 26,344-sf building at 201 E Main St., which sits on an 8,727-sf lot. While several runs have been made at purchasing the property for redevelopment -- including a $600,000 offer from a group of downtown businessmen -- thus far all deals have fallen through.
According to records supplied by First American Title Co., Capelouto purchased the property in December 1996 for $350,000. Documents from a prior sale in August 1990 show a sales price of $525,000. The property is currently assessed at $350,800, broken out as $65,500 for the .20 acres of land and $285,300 for the structure.
GlobeSt attempted to contact Trish Borden, the chair of the council committee reviewing the matter, and Paul Krauss, director of planning and development for Auburn. Neither was immediately available to discuss the potential for condemnation or reports that the city may attempt to purchase the property itself.
Wayne Heisserman of Auburn's Heisserman Realty tells GlobeSt he was a partner in an LLC that made an attempt to buy the property from Capelouto in Feb. 1998. The group went as far as depositing $150,000 in earnest money. While the owner had signed a letter of intent to sell to the group, says Heisserman, "he would never sign the closing papers." Finally, several members of the group grew tired of the deal, and the offer was withdrawn in August 2000.
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