Winners bid more than $30 million for state's liquor stores

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by KING 5 News, Associated Press

KING5.com

Posted on April 23, 2012 at 7:43 AM

Updated Monday, Apr 23 at 5:57 PM

Monday, Washington's Liquor Control Board announced the winners of the online auction for the state's 167 liquor stores.

Bidding ended Friday, with a total of $30.75 million collected in winning bids. A total of 121 individual bidders earned the rights to stores across the state.

The most expensive bid was for store #122 at 72nd and Pacific Avenue in Tacoma, reaching $750,100. The second most expensive bid was for store #28 on 12th Avenue and East Pine on Seattle's Capitol Hill, costing $500,100.

Stores in Bellingham, Mount Vernon and Everett each fetched a bid of more than $400,000.

The lowest bid was for $49,600 for store #186 on Wellesley Avenue in North Spokane.

The auction was the result of a state vote to get the state out of the retail liquor business and to privatize sales.

All of the money raised in the auction will go to the state's General Fund.

Winning bidders receive the right to run the liquor store, which each measures smaller than 10,000 square feet. The price does not include inventory, and the bidder must still negotiate a lease. If the winners wants to move the store, it is allowed within a one-mile radius. The winner also has the ability to transfer or sell the rights to someone else.

 

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