Raleigh, North Carolina - After sitting vacant for nearly five years, the Prince Charles Hotel sold Monday at auction. After an auction in May was postponed, Williams & Williams Real Estate
Auctions said the building sold for $200,000.
Built in 1925, the historic landmark had fallen into major disrepair after the city deemed it unsafe in the fall of 2010. A water leak ruined the plaster and paint in the grand foyer, and
vagrants broke in through back windows and ripped out more than $2 million in copper and other valuables such as electric, plumbing and fixtures.
A developer had intended to restore the building, but in late 2013 said a feasibility study showed him the cost of renovations would be too high.
The hotel is one of the tallest buildings in downtown Fayetteville, and at more than 75,000 square feet, it is a noticeable landmark.
Williams & Williams did not say what the Prince Charles Hotel's new owner plans to do with the building.
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