Boone outbid on Appalachian Cinema
All is not lost where the old Appalachian Cinema on King Street is concerned, despite the town’s attempt to buy the property being outbid at a foreclosure auction last Thursday, newly re-elected Boone Town Council member Andy Ball said Friday.
“The bids (Thursday) should not be an indication of our maximum,” Ball said.
On Thursday, the cinema went up for auction with Regions Bank, which holds the lien on the mortgage, putting up the final bid.
The foreclosed theater was formerly the property of Frank Mongelluzzi, who held the deed under the name Cecil B. DeBoone LLC, before bankruptcy proceedings put the future of the parcel in jeopardy.
In September, the Boone Town Council entered into an agreement with the Boone Downtown Development Association to purchase the theater for $675,000.
Ball and DBDA director Pilar Fotta could not disclose the maximum bid from the town, but Ball did say it wasn’t completely set. “We could raise our maximum,” he said.
The property now has a 10-day upset bid period. “If 10 days pass and no one else bids, (the bank) owns it,” Ball said.
Fotta said she hasn’t given up.
“There’s definitely a possibility of us putting in an upset bid,” she said. “It’s just kind of ‘wait and see what happens.’ I really don’t know what to expect.”
At whatever the price the property sells for, that amount will be in addition to restoration costs. Estimates to renovate the building have topped $4 million.
The council will discuss the potential property acquisition in closed session at its Thursday, Nov. 17, regular meeting.