Local News

Winning bid for Hillsborough's historic inn 'upset'

Posted February 1, 2002 12:19 p.m. EST
Updated November 5, 2008 10:32 p.m. EST

— It looks like the future of the historic Colonial Inn is still up in the air.

A Chapel Hill couple had the top bid of $320,000 for the Hillsborough landmark when it went on the auction block on Jan. 23.

That bid was held for 10 days, the time period during which others could submit "upset bids" for the inn.

On Thursday, a Charlotte businessman made a last minute offer just one day before the bidding period closed.

Upset bids have to be at least 5 percent higher than the winning bid, or at least $336,000.

The latest bid now stands for another 10 days before it becomes final, however the process can continue indefinitely.

The inn closed in April after one of its owners filed for bankruptcy. It began operating in 1759 and has served as Hillsborough's social hub and primary tourist attraction for as long as people there can remember.