OCEANA, W.Va. (WVVA) The minimum reserve for the former Magic Mart building in Oceana was not met during an auction at the site’s location on Wednesday.
According to David Boush, a representative for auctioneer, Wolfz & Associations, the minimum bid was set at $550,000. Now, the company will start the process of going back to some of the lower bidders to see if they can come up with a reasonable price.
A 2019 appraisal valued the building at 1.6 million dollars, Boush told WVVA News on Thursday.
Boush said the Oceana location was the second most profitable Magic Mart out of all the company’s operations. He also said the building used to be two separate buildings with separate HVAC systems that could easily be returned to its original state with a wall installation.
The auctioneer said community reports of roof and leaking issues are not correct and the roof is in good condition.
In addition to those who bid during Wednesday’s auction, Boush said new offers are welcome as well. To learn more, call 540-342-3560.