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.