May 22, 2015 11:47 AM by News Staff
SACRAMENTO, Calif. (AP) - The sale is being finalized for the Senator Hotel in what a broker called an "unusual" online auction.
The Sacramento Bee reports (http://bit.ly/1Q15Ybd) the 160,000-square-foot building across from the Capitol was sold on Auction.com for $31.8 million, above the minimum asking price of $29.25 million.
The 10-story building opened in 1924. It had visitors like Sacramento lobbyist Artie Samish, and was where a man aimed a gun that didn't fire at then-President Gerald Ford.
Owners converted it into office space in 1982, but a state agency moved out and the property had to be ceded to avoid foreclosure. When owner LNR Property of Miami tried to sell the building after acquiring it in 2011, bids were only around $20 million.
The buyer isn't being identified until the sale is finalized.
Information from: The Sacramento Bee
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