"Own the entire rustic town of Bridgeville," says the listing, describing the property as a potential private retreat, money maker or tax shelter.
According to EBay representatives, Bridgeville has made history, as it is the first property of its kind to be sold on the Web. If the deal, which closed this week, goes through as planned, 82 acres of Bridgeville will be transferred to the winning buyer.
The town was placed on EBay by owner Elizabeth Lapple, who stated the town was a fixer-upper, on Nov. 27 with an asking price of $775,000. During the month that the town was listed on EBay, it received 250 bids. The winning bidder made the $1.8 million bid just seconds before the auction ended.
Bridgeville is located about 260 miles north of San Francisco in Humboldt County. Lapple and her husband Joe have owned Bridgeville since 1985. The couple put the town on EBay after their attempts to sell it conventionally failed. According to the Lapples, the cost to renovate the town, which is about $200,000, was out of their budget.
According to EBay, the online purchase is not binding and the deal must be closed offline. The winning buyer has contacted the Lapples but plans to remain anonymous until after the deal closes.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
