The town’s sealed bid of $8.1 million makes them eligible for the live auction on February 27 in U.S. Bankruptcy Court in Boston.
“It’s going to be interesting, the town is looking forward to it, we believe we have a great bid and it’s going to reflect well on us I hope,” said Provincetown selectman Tom Donegan.
The sealed auction was held on Tuesday and Lexvest Group LLC submitted a $7.5 million bid and another group made a $2 million bid.
The 26-unit former timeshare complex when into bankruptcy this summer and the town wants to use the complex as rental properties for middle-income professionals.
The property has been assessed at $6.8 million.
“We’re getting everything in order and we’re optimistic but we intend to arrive prepared to win,” said Donegan.
Voters have approved the borrowing of $10.7 million to bid for the property.