LEAD, S.D. (KOTA TV) - Lead will be auctioning off the historic Cotton House and a liquor license on Monday, March 19.
The minimum bid for the Cotton House on Paul Street is $30,000.
The City of Lead has requirements for the highest bidder. The house needs many renovations, but the new owners must preserve the exterior to stay as historically accurate as possible. They must also start work within a year.
The interior of the house is stripped down to the wood framing, which City Administrator Mike Stahl says makes electrical upgrades easier. However, the city is more concerned with the outside of the house rather than the inside.
“That is a unique Italianate Victorian home,” said Stahl. “And it has got some unique features that not too many other homes in Lead have at all. We aren't going to bother with the interior, they can do want they want. There is some work on the windows and more around the foundation, but other than that, the city interest is how it looks from the outside."
There is also a liquor license for sale that the city did not know they had, until they were informed by the South Dakota Department of Revenue.
Due to state restrictions, the City of Lead purchased this license, in lieu of issuing it. There are currently only five businesses in Lead with a liquor license.
The minimum bid for the liquor license is $40,000.
“There's a lot of value in it,” said Stahl. “It could be a very good incentive for a business to expand or develop in town."
The Cotton House is a sealed bid auction and all bids need to be submitted to City Hall by 4 p.m. that Monday.
The liquor license will be auctioned off during the live auction also starting at 4 p.m. on Monday at City Hall.