The new owner of the Schroon Tavern is described as a “mysterious buyer, from out of town”.

“The general consensus was that he purchased the property in order to make a quick profit and flip it,” a source told SchroonLaker.com Wednesday night.

How much did the Tavern sell for? The new owner of the Schroon Lake Tavern -- if approved by Essex County – paid just $57,500 for a property  -- worth at least four times that amount, according to various real estate sources SchroonLaker.com spoke with.

The property, which sits next to much beloved Schroon Lake Bed and Breakfast, was one of 106 properties snapped up today at the Essex County Foreclosure Auction.

The winning bid came late: “He  only raised his number once – to snap up the property after five or six bidders dropped out," according to our sources.

While the property may seem like a bargain, there are several issues that the new owner will be forced to deal with.

There is substantial water damage in the Tavern’s basement, including visible black mold. The tavern's current configuration as a commercial property forbids sleeping quarters.

Bobcat Sports -- Schroon's local bait shop -- avoided the auctioneer’s hammer, after an agreement was reached to pay back taxes.

Around 300 folks packed the ballroom at the Best Western at Ticonderoga for the auction, run by three well respected companies:  Haroff Auction and Realty of Schroon Lake, who teamed up with Absolute Auction and Realty of Pleasant Valley to sell 106 parcels up for grabs.

Our sources tell us that there were bargains galore, as auctioneers Greg Frederick, Frank Peterzack and Rob Doyle took turns, with rapid-fire bidding from audience members who had signed up in advance and those who had placed bids on the internet.

“Most properties sold for less than 10 per cent of the assessed value,” our source told us.

“Some folks picked up property and housing for a few thousand dollars.”

UPDATED ON TUESDAY, MAY 6, The main attraction for most folks was the old Frontier Town Theme Park in North Hudson. Frontier Town went for $49,500. The bidder was #74, The 0.70 acre property on Blue Ridge Road went to the same bidder for $7500.

Schroon Laker.com has learned that the abandoned gas station – part of the Frontier Town property -- was snapped up by  Muhammad Ahmad and Zohabe Shahid, the current owners  of the Sunoco Gas station on Route 9, right off route 74. The price: $130,000.

Did you attend the auction? What are your thoughts and feelings about what went down?