Posts Tagged ‘restaurant auction’

No bidders at Stone's Restaurant auction

March 12, 2008

IA_CB_StonesR.jpg

The Times Republican reports that only spectators showed up for the public auction of Stone’s Restaurant in Marshalltown, Iowa. The 120-year-old eatery “under the vaiduct” was famous for its lemon chiffon pies, and had become a landmark along the Lincoln Highway:

10 x 10 white square

The public sale that did not materialize Thursday was supposed to auction off Stone’s to the highest bidder, after the Internal Revenue Service recently seized the property from its owners for not paying taxes.

After those few silent moments, the IRS adjourned the sale, according to agency spokesperson Christopher Miller.

In such circumstances, the IRS will generally either decide to readvertise and conduct another public auction sale or release its hold on the property, Miller said, though the actual course of action to be taken for Stone’s Restaurant has not yet been determined.

In the event the IRS releases the property back to the Stone family, the taxes owed and liens attached will all remain in tact, according to IRS rules.

See previous Lincoln Highway News post here.