Developer top bidder in Princeton's auction
The winning bidder in an auction for the former Princeton's restaurant on Beltline Road Southwest did not meet the seller's reserve, so it's too early to tell who will take over the eatery.
The high bid, according to an official with Amerisouth Auctions, came from the owner of Plum Tree Shopping Center, developer Lee Barran. The 1-acre tract that includes the Princeton's building is in the parking area of Plum Tree. The high bid was $625,000.
The seller was Rodney Cottington, owner of River City Restaurants. The seller and bidder, according to auctioneer Bryan Knox, had 48 hours from Thursday's 11 a.m. auction to negotiate a deal.
The building, which includes equipment, has 6,266 square feet.
Princeton's, which employed 40, closed in June. Investors from Florence opened Princeton's in 1987, making it Decatur's first casual-dining restaurant.
- Eric Fleischauer
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