Ferran's Building Owners Reject $500,000 Bid

EUSTIS, FL-Owners of a small commercial building, once a retail landmark in this north Lake County city of 16,000 permanent residents, are learning what major property owners around the country have known for the past 18 months–it’s a slow investment market everywhere.

At a four-hour event, Higginbotham Auctioneers of Lakeland, FL were unable to get potential buyers to go over a $500,000 bid Thursday for the vacant, 76-year-old, 12,718-sf former Ferran’s Department Store building on Downtown Magnolia Street. Co-owners Mike and Becky Alberson and Bill and Beth Compton rejected the bid which equates to $39.31 per sf.

GlobeSt.com couldn’t reach the owners to learn whether the 300-seat property will be re-listed with a broker or scheduled for another auction at a later date. The owners initially were asking $950,000 or $74.70 per sf prior to giving Higginbotham a chance to sell the two-story, rustic brick building.