July 12, 2011
Boston Business Journal - by Craig M. Douglas
Date: Tuesday, July 12, 2011, 2:22pm EDT
A massive lakefront development parcel in Winchendon is slated to hit the auction block in September, marking the Bay State's second-largest property listing by acreage this year.
The 625-acre plot is scheduled for a Sept. 15 absolute auction, meaning it will sell to the highest bidder, regardless of price. The auction is being managed by JJManning Auctioneers of Yarmouthport.
Located roughly 53 miles west of Boston and positioned adjacent to Lake Monomonac in Winchendon, the property includes over 400 subdivided development lots, according to auction documents. The property's owner of record is Bank of New England of Andover. The bank, which is run by its parent operation in Salem, N.H., did not immediately return calls for comment.
The so-called absolute auction will require a 10 percent deposit by bidders. The bids must include $100,000 in certified funds as of the auction day, according to auction documents.
The auction comes several months after another major development parcel sold to the state's Department of Recreation and Conservation. That deal, for 843 acres of land in Tolland, closed for $3 million.