Real Estate
Edgartown's White Elephant Goes for $2.5 Million
The right to purchase the Captain Warren House for $2.5 million was awarded this week to a Chestnut Hill man, according to local newspapers.
A long and expensive chapter in Edgartown's municipal history is drawing to a close with the reported selection of a Chestnut Hill man as the winning bidder for the Captain Warren House on North Water Street.
Jeffrey Wolk, who bid $2.5 million, wants to restore the decrepit former inn, built around 1850, as a home for his family, his real estate agent told the Vineyard Gazette. (Read "Town Will Sell Historic Warren House for $2.5 Million")
Wolk's winning bid is a cool million less than the town paid for the historic structure in 2005, financing the purchase with bonds, reports the Martha's Vineyard Times. (Read "Edgartown takes $2.5 million for Warren House.")
The Warren House was thought of as a new location for the Edgartown Public Library, but proved structurally unsuitable. It could not be torn down for a parking lot because of its historic status, and has been deteriorating for years.
An appraiser's report from January, 2012 cites interior and exterior mold and mildew and suggests that lead paint may also be present.
How much do you think it will cost to restore the Warren House? Tell us in the comments.