Infamous Watergate Hotel draws no bids

McClatchy NewspapersJuly 22, 2009 

— The Watergate Hotel, the iconic property synonymous with the downfall of President Richard Nixon, failed to attract any bids when it was auctioned Tuesday.

Joseph Cooper, who wielded the gavel, seemed surprised when there was silence after the auction opened at $25 million.

"It's a Washington landmark," said Cooper, the president of Alex Cooper Auctioneers, after calling the bid a few times.

The June 17, 1972, burglary of Democratic National Committee headquarters there was at the center of the scandal that would lead to Nixon's resignation.

In the end, New York-based PB Capital Corp., which had lent previous owner Monument Realty $40 million for the property, agreed to take the hotel for $25 million.

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