BELFAST - A public auction of the James P. White house on Tuesday attracted 20 people to the landmark mansion but failed to yield any private bids.

The 1840 Greek Revival-style home was run as The White House Inn, a bed and breakfast, since the late-1990s. Last December the property was foreclosed upon by The First N.A. bank.

Public records indicate that the last owner, Rich Enterprises Holdings LLC, borrowed $875,000 from The First to buy the property but ultimately defaulted, leaving close to $850,000 in unpaid balance, interest and fees. The city later placed a lien on the property for $7,000 in unpaid taxes.

Scott Walker, a representative of The First, opened the auction on Tuesday with a nominal bid of $400,000. The auctioneer, Pierce Atwood attorney Jacob Manheimer, asked for bids in increments of $10,000, but there were no takers. 

After a short break, Manheimer announced a revised bid of $700,000 from the bank and a guarantee of an “absolute auction,” meaning any bid greater than $700,000 would be accepted by the bank. Manheimer also lowered the bid increment to $1,000. When no offers came, the property was sold to the bank for $700,000.

Walker declined to comment on what would happen next for the former White House Inn.

Russell Barber, a member of the Belfast Planning Board on hand for the auction said he recognized that the bank is looking out for its interest in the property, but added that he was disappointed that the second bid of $700,000 was as high as it was.

“What you don’t want is an idle house here for years,” he said. “It becomes a white elephant.”

Ethan Andrews can be reached at news@penbaypilot.com