Investors declined a $250,000 bid for Sunrise Townhomes from a Wichita man at a Tuesday auction.
With more than 25 people present, auctioneers attempted to start bids at $500,000.
After subsequently dropping calls to $400,000, $350,000, and $200,000, Marion resident Charles Kannady got the bidding off to a roll at $100,000 after which Roger Buller of Wichita made his first offer of $200,000.
There was short recess after Buller’s bid before bidding resumed.
Local Dean Armstrong bid $225,000 but Buller countered with his final offer of $250,000 before bidding concluded.
Buller owns several properties in and out of state. He said he would have continued to operate Sunrise as a retirement property.
“Without reaching a certain price we cannot move forward with a sale,” investor Lois Smith said.
Investor spokesmen, including Smith, Doug Sharp, and Marlon Buchholz said that investors decided to sell the property because the number of investors has grown as initial investors have had their shares pass to heirs.
“There are 23 now,” Smith said. “It’s hard to make a decision with that many involved.”
Some residents earlier were nervous about the sale because federal tax credits the property received for housing low-income elderly residents expired this year. A new owner could raise rents and rent to whomever.