Rights for Bainbridge Island liquor store go for $170K
April 23, 2012 · 11:39 AM
Michael Cho of Pacific submitted the winning bid for the state's Bainbridge Island liquor store outlet, according to the Washington State Liquor Control Board.
Cho submitted a bid of $170,100.
The final day of online bidding was April 20 for Washington's 167 state-run liquor stores, and state officials said the bids totaled $30.75 million. Officials announced the results of the auction Monday.
Since Washington leases the properties for its state-run stores, the winning bidders did not buy actual stores, but the exclusive right to apply for liquor licenses at the existing facilities.
A total of 121 bidders out of 551 bidders won the right to apply for liquor licenses; the bidders will now need to get leases with the owners of the properties. If they are unsuccessful, state officials said, the bidders can resell their right or seek an alternative location within one mile of the existing state store.
Cho was also the winner in bidding for three other locations; Wenatchee (winning bid of $198,100), Anacortes ($200,300) and Gig Harbor ($135,100).
The high bid for the Bainbridge Island location shot up last week; the high bid from the previous week was $5,100.
Overall, bidding jumped by $23.7 million on the final day of the auction, state officials said.
The lowest winning bid was for $49,600 for Store 186 in Spokane. The highest winning bid, for $750,100, was submitted for Store 122 in Tacoma.
The Bainbridge Island location had retail sales of $2.5 million in 2011, a slight drop from $2.6 million the year before, according to the State Liquor Control Board.