The former Royal Hotel in Forfar has gone under the hammer and failed to sell.
Once the cornerstone of the hospitality industry in the town, the hotel had a reserve price of £200,000, plus VAT.
The building is the subject of post-auction discussions, with several interested parties, but remains available. Auctioneers are optimistic about reaching a deal soon.
Doors closed on the historic hotel in 2010, and the prospect of an auction raised hopes that new owners would undertake refurbishments and go about reopening the hotel.
It can trace its roots back to the 1700s, when it was a coaching inn.
Several viewings reportedly took place in the weeks leading up to the auction. However, the property ultimately fell short of the reserve price.
The Castle Street building boasts a swimming pool, sauna, Jacuzzi, function and nightclub facilities and was responsible for 20 full and part-time jobs.
Since the mystery closure in 2010, the three-storey building has deteriorated and become the target of vandals and thieves.
Although the exact condition of the interior is not known, the sale schedule states the property “requires a combination of refurbishment and refitting”.
Forfar councillor Glennis Middleton said she was hopeful the auction would lead to the hotel reopening and providing “much needed” accommodation.
She said: “I would be delighted if it was to change hands and the new owners see fit to bring back a hotel which would attract tourists and visitors into the town.
“These changes are much needed and would be very much welcomed by the whole community. It’s a matter of some regret that the Royal Hotel has been closed for so long.
“It has become something of an eyesore.
“The front of the hotel is looking more than a bit tired, it looks absolutely exhausted with greenery growing from it. It looks neglected and it’s not what anyone would like to see in the centre of their town,” she said.
A shop/office property at 11 Castle Street was successfully sold at the auction for £30,000.