Vagabond fails to sell at auction

Miami /
Jun.June 01, 2011 04:06 PM

MiMo’s legendary Vagabond motel has been sold back to its current owner for just $100 after an online auction produced no higher bids, according to Open Media Miami. The vacant property, which Frank Sinatra frequented during the 1950s and 1960s, will continue to seek a buyer, said still-owner David Lin, who said he now plans to hire a broker. Lin originally bought the Vagabond in 1986 and later sold it to Eric Silverman and Octavio Hidalgo, who ran out of cash in 2009, before their vision of rehabilitating the motel could come to fruition. There are $349,190 in back taxes on the property at 7301 Biscayne Boulevard, and Lin’s foreclosure award was $4.5 million, so it’s unlikely he’d sell for less than that. Still, he has no plans to renovate before unloading it. If he can’t find a buyer now, he said he is ‚Äúprobably going to try to hold it for a few years until the market turns around.” [Open Media Miami via Miami Herald] 


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