Commercial Real Estate and Real estate deals and Real Estate & Retail

Gun club building, parking lot fetch $380,000 at auction

November 11, 2010

The Gatling Gun Club building on North Illinois Street and a nearby parking lot in downtown Indianapolis brought a collective $380,000 from two separate bidders at a Wednesday auction.

The 160-year-old, 8,000-square-foot structure received a winning bid of $250,000. The 19,000-square-foot parking lot sold for $130,000. Together, the bids topped a single $370,000 bid for both properties offered by an unrelated party.

Locally based Gallivan Auctioneers, which conducted the auction, said it wouldn't disclose the names of the buyers until both sales close, which should be before Dec. 1.

The Gatling Gun Club had used the building since buying it in 1919. The men’s private club, which struggled to attract younger members in recent times, disbanded earlier this year and decided to sell the building.

Founded in 1910, the club is named for Richard J. Gatling, a city resident who invented the famous repeating gun in 1861.

The local office of Los Angeles-based CB Richard Ellis listed the building and parking lot for about six months with an asking price of $950,000 before taking it to auction.

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