Gin Mill fetches $600K at auction; Reeders don't sell
Canton's Gin Mill was auctioned off today at noon and received a high bid of $600,000. But the Reeders, the family that has owned the bar for a decade, decided not to sell.
Auctioneer Jonathan Melnick said the high bid came from a well-known family that owns a chain of local restaurants, but he declined to name them.
Owner Lester Reeder could not be reached for comment.
As Midnight Sun reported, the Reeders put the Gin Mill up for auction in September. Lester said business was solid, but the family wanted to step away from the nightlife business.
Lester said the bar has been for sale since they bought it back two and a half years ago, and the auction was a way to fast-track the search for a new owner. The family first bought the bar in 1996, according to property records.
The two-story establishment, housed in a building from 1850, has two bars, two dining rooms and a lounge area in the rear. Property records peg its base value at a little over $600,000.
Today's auction lasted a half hour, and was attended by 12 to 15 people, Melnick said. The high bid was $600,000 even, though the new owners would have paid $80,000 more for the business, real estate, and the liquor licenses.
Melnick said the Reeders wanted a higher offer, though, "not a tremendous amount more."
He added the high bidder might decide to increase the bid later, but that negotiation would happen privately with the family.