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Machias Savings Bank Places Only Bid in Foreclosure Auction for Crow’s Nest Property

| January 22, 2014

CrowsNest from WAGM-TV on Vimeo.

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Though many people showed interest, there was only one bid in Wednesday’s foreclosure auction for the property that used to be home to the Crow’s Nest Restaurant. Machias Savings Bank, the lender, bought the property back for 675-thousand dollars.

Joseph Tuell, Assistant Vice President of Asset Management at Machias Savings Bank says, “the bank’s intention was to find a buyer today..and not being us, but with that said we’ve had a lot of conversations with a lot of interested parties and we’re hopeful that we can find a buyer here in the short future.”

Machias Savings Bank was not the only registered bidder. The auction was conducted by Tranzon Auction Properties, and President and Chief Auctioneer Tom Saturley says it’s not unusual to have the bank place the only bid. He was, however, very impressed with the attendance..the good crowd proves that many community members are interested in the future of this property.

Saturley says, “it shows two things from our, the importance of this asset with regard to the community and to the county. Secondly it showed continuing interest with people who want to be a part of this property as it continues forth.”

Rick Castonguay, president of Big Bear Real Estate says, “they want to see ‘what’s it going for’, ‘what did the bank buy it back for?’ Things of that nature.”

The property has an assessed value of 800-thousand dollars. The building has been empty since the Crow’s Nest shut its doors back in October.

“It just is a large complicated expensive plant to operate, doesn’t seem to do well as a restaurant,” says Castonguay.

Tuell says, “every day that it’s shut down is unfortunate and we want to see it up and operating for the people in Presque Isle.”

Machias Savings Bank is hoping to sell the property as soon as possible – Tuell says they’re just waiting for a strong buyer with a good offer.¬†Anyone interested in the property needs to contact Tranzon Auction Properties.



Tranzon Auction Properties


93 Exchange Street (04101)

P.O. Box 4508

Portland, ME 04112-4508

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