Published July 21. 2020 02:45PM
The historic Flagstaff Event Center in Jim Thorpe is back on the market.
At an online auction two weeks ago, the 30-acre property netted a high bid of $1.425 million, but the amount fell short of the reserve price, in place to make sure all debts could be paid.
“The auction did not contract, but we have listed it at $1.7 million,” Realtor Tejas Gosai said.
Gosai said while the reserve for the auction, which started at $500,000, was not met, it came close and he, along with property owner Tim Markley, were working with the high bidder on a deal that would satisfy creditors.
Though that didn’t work out, Gosai said there is strong optimism that a sale will be forthcoming.
“We have a ton of investors contacting us,” he said on Monday.
At 30 acres, the property includes “Gallo’s Pub, a more than 9,000-square-foot event center with ballroom, wraparound balcony, full-service industrial kitchen, intricate courtyard and large parking,” according to the auction listing.
Before the auction, the property had been listed on real estate websites for $1.6 million.
Markley had previously planned a five-story, 78-room condominium hotel that he later scaled back to a 35-room boutique hotel.
Before that, Markley proposed a sky tram that would take riders nearly 900 feet from Flagstaff down to Susquehanna Street in Jim Thorpe and back again.
In November 2018, Jim Thorpe businessman Andrew Roberts revived that idea and was granted several variances for a Flagstaff Park project that would feature a five-story, 45-room hotel and restaurant, ballroom, Ferris wheel and 340-space parking lot.
The cornerstone of the project was a gondola system connecting the park to downtown Jim Thorpe.
The Flagstaff property is listed for $1.7 million. TIMES NEWS/FILE PHOTO