NEW LONDON, Conn. (AP) — The city of New London is seeking a buyer for a landmark inn with a troubled financial history on Long Island Sound.
The city is seeking a minimum bid of $500,000 for the Lighthouse Inn and the buyer will be required to complete repairs. The city also wants a developer who will run the property as a traditional inn.
A steel baron built the property as a waterfront home in 1902. It became an inn in 1927 but closed in 2008 because of financial problems. A former owner, Maureen Clark, was convicted of fraud in 2012 after she was accused of cheating investors and using some of the money for the inn’s expenses.
The city did some restoration work after nobody bid on the property at auction last year.
“The location is perfect, you look at the historic architecture in this building, and there’s no comparison,” said New London mayour Daryl Finizio. “You could never build a building like this again from scratch, and you’re looking at a property over $4 million in value.”
“I would like to see it operating the same way it was before, as an inn,” said Karen Goodspeed of New London. “It’s a historic building. It was here when I was growing up and all the neighbors remember it fondly.”
“We’ve gotten phone calls almost every single day,” Finizio said.