A Washington landmark was sold to a bank after an auction on the steps of the Beaufort County Courthouse Monday afternoon.
After millions of dollars were raised and spent to renovate the historic theater, the Turnage Theater closed last year. They ran out of money to operate.
Less than a week before the property's scheduled auction, the City of Washington entered a proposal of $150,000 to buy the Turnage Theater. But the city did not bid on the property.
Wells Fargo Bank was the sole bidder at $442,800. During the next 10 days an upset bid could still be made.
Washington City Manager Josh Kay told us this afternoon that the city submitted a letter of intent to buy the Turnage, but three conditions had to be met. He said today's foreclosure sale did not permit an opportunity for those three criteria to be met. Asked if they would purchase the theater from Wells Fargo, Kay said city council was meeting in a closed door session tonight to further discuss the property.
The city of Washington submitted a letter of intent to buy the Turnage Theater, to the lawyer handling the foreclosure process of the property. Officials say the city proposes purchasing the property for $150,000.
The Turnage closed about a year ago, after running out of money. Its foreclosure sale is slated for Monday.
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