RALEIGH — When the Colonial Inn was auctioned off Jan. 22, the winning bid was $320,000. Ninety-thousand dollars and five bids later, the historic Hillsborough building has a new owner.

Francis E. Henry has purchased the building, after upsetting the latest upset bid of $389,000 submitted by a Charlotte couple, Steve and Kathy Davis.

The Davis' bid, submitted in early March, upped the price that Russell Holderness, of Tarboro, was willing to pay: $370,440.

Holderness' bid knocked Maryann and Jay Vigotov out of the bidding process.

The Vigotovs went as high as $352,800 after their original bid of $320,000 -- which won the foreclosure auction -- was upset by the Davis', who bid $336,000.

It is unclear what Henry, a Wilmington resident, plans to do with the building, which closed in April 2001.