Watergate Hotel Up for Auction

by Jordan Yerman | July 21, 2009 at 06:15 am

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The Watergate Hotel, site of the infamous 1972 break-in, during which thieves working for President Richard Nixon attempted to steal files from the Democratic National Committee, is up for auction. The 42-year-old hotel closed down in 2007, and was foreclosed upon following the Lehman Brothers collapse; Lehman Brothers had financed the proposed $170 million renovation.

If you're in the market for a historic hotel with views of the Potomac River, now's your chance. However, the property has sat vacant for a long time, and still needs a lot of work.

Alex Cooper Auctioneers, who are conducting the sale, are optimistic, however: a $1 million deposit is required to join the bidding.

Now shuttered and in disrepair, Washington's famed and recently foreclosed Watergate Hotel will go on the auction block Tuesday -- potentially for a pittance -- after becoming the latest casualty of the prolonged U.S. financial crisis and credit crunch.

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