TUMWATER, Wash. (AP) — A California company has bid $24.9 million in an auction to sell the former Olympia Brewery.
Tumwater City Administrator John Doan says the bid was submitted before the auction began on Friday.
The likely new owner of the old brewery is R.E. Loans LLC, a lender that had sought to foreclose and sell the property at auction in July. The auction then was delayed until Friday, when R.E. Loans bid $24.9 million, the amount needed to cover an unpaid principal balance of about $24.6 million.
R.E. Loans is managed by the father-and-son team of Walter and Kelly Ng. As a result of the bid, R.E. Loans will gain title to the property and will continue to market it for sale.
Investors have explored the idea of using the brewery to bottle water.
