New Hampshire – from www.seacoastline.com -The Spaulding Book & Video store property sold for $390,000 during a Thursday foreclosure auction.
New owner Rick Fecteau said the first thing he’s going to do is remove the signs that advertised the former adult business.
“It’s embarrassing when you’re giving directions,” said Fecteau, who owns the adjacent Port City Nissan dealership. “I was tired of looking at it.”
Bidding started at $50,000 and while auctioneer James St. Jean wouldn’t disclose the number of registered buyers, a sign-up sheet out front indicated there were five. Registered buyers were allowed to tour the interior of the shop, where adult novelties still line the shelves.
It took just minutes for the bids to reach Fecteau’s winning offer and when St. Jean slammed a gavel announcing the property was sold, he had a question for the new owner.
“Are you going to have a yard sale this weekend for the contents?” he asked. “If you do, you better have a couple of officers here.”
Fecteau said he may expand his business onto his new property in the future, but for now will leave the building in tact.
Located at 80 Spaulding Turnpike, the property is assessed for $432,700. The adult store closed recently and the city tax office previously told the Herald the business owed $3,764 in back property taxes.
According to city assessment records, the property was owned by Rayson Property Management LLC which is cited by the Secretary of State’s office as “not in good standing.” In 1995, Spaulding Book & Video was brought to court by the owner of an adjacent bridal shop, which has since relocated. Superior Court Judge Kenneth McHugh oversaw an agreement between the neighboring businesses that stipulated that the adult store would limit the number of video viewing booths to 14 and keep the parking lot clean.
Viewing booths were removed from all three of the city’s adult stores in 2008 after the city health inspector reportedly found violations of city ordinance regulating them. Online postings suggested the booths were sometimes used for sexual encounters, while City Attorney Bob Sullivan said the ordinance required the viewing booths to be well lit, clean, have no holes in the walls and be visible from all common areas of the stores.