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Watergate Hotel on Auction Block

By Mat Probasco,  Newser Staff

Posted Jul 19, 2009 6:10 AM CDT

(Newser) – Political scandal icon the Watergate Hotel will go to the highest bidder Tuesday when creditors auction off the foreclosed property, reports the Washington Post. The 251-room hotel, scene of a burglary that eventually brought down a president, has been empty since 2007 as its owners scrambled to pay $40 million in loans. Bidding starts at $1 million.

The auction house has fielded inquires from Tokyo to the Middle East, with no shortage of domestic bidders as well. The 12-story hotel sold for $45 million in 2004 and may appear a bargain, but could also be a money pit: It needs roughly $100 million in repairs. New owners will also owe $250,000 in back property taxes.

An exterior view of the Watergate Hotel, which included the headquarters of the Democratic National Party. The burglary of those offices eventually led to the resignation of Richard Nixon in 1974.
An exterior view of the Watergate Hotel, which included the headquarters of the Democratic National Party. The burglary of those offices eventually led to the resignation of Richard Nixon in 1974.   (Getty Images)
The Watergate Hotel, a Washington landmark whose name became synonymous with political scandal.
The Watergate Hotel, a Washington landmark whose name became synonymous with political scandal.   (AP Photo/Steve Helber-File)
The owners of the Watergate Hotel held the first of three all-day liquidation sales in 2007.
The owners of the Watergate Hotel held the first of three all-day liquidation sales in 2007.   (Getty Images)
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"That doesn't sound to me like a bargain. ... Hotel development financing is impossible." - Warren Dahlstrom, an investment broker who once sold one of the Watergate office towers

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COMMENTS
Showing 3 of 4 comments
kokuaguy
Jul 19, 2009 11:45 AM CDT
A fitting end.
Mad
Jul 19, 2009 5:47 AM CDT
A museum? To that one event? If they collected every possible document, every artifact, every memento of that time, it would fill, what, several rooms? Maybe one entire floor, probably not. And then what? open up those few rooms and charge admission to your wonderful Watergate museum? Yeah, that's a money maker. What foolishness you all engage in
Robert_Dada
Jul 19, 2009 4:34 AM CDT
You beat me to it. I couldn't agree with you more.
US • Money • Politics

 
Watergate • auction

 
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