Property owner Ann Gravett and auction high bidder Angela Smith at 74 Waterloo St. on Friday.
We love a good challenge. Every place I have needs a lot of work.
— Angela Smith
It took just three minutes Friday afternoon for the old Warrenton home to sell at auction for $379,500.
Fauquier businesswoman Angela Smith outbid 13 other prospective buyers for the 4,100-square-foot, Federal-style home at 74 Waterloo St.
About 50 people attend the property’s front-porch sale.
Auctions typically last about two to three minutes, said John Nicholls, whose Fredericksburg-based Nicholls Auction Marketing Group Inc. handled the transaction.
Ms. Smith, who with her husband Mark owns Savory Fare Catering and Stone Ridge Events Center just north of Warrenton, has no immediate plans for the four-story structure, which stands in the town’s historic district.
“There are a number of options,” which could include business and/or residential uses, she said. “We really have no idea.”
But local custom homebuilder Mark Houser will do a “spectacular” job of remodeling it, added Ms. Smith, who acknowledges the circa 1812 structure needs plenty of work.
She and her husband like to buy old buildings and restore them, she explained.
“We love a good challenge. Every place I have had needs a lot of work.”
The brick structure features nine rooms, three bathrooms, five fireplaces and pine hardwood flooring throughout. The property also has 14 parking spaces.
The vacant building, which has housed offices and a golf equipment and apparel shop, stands on a 0.35-acre lot, zoned commercial. For tax purposes, the county values the property at $557,300.
For about 15 years, Ms. Smith owned and operated Legend’s restaurant in Warrenton. In 2004, she closed the place but moved Legend’s catering business to Fauquier Springs Country Club west of town.
Would she consider opening a restaurant in the Waterloo Street building?
“I’m done” with restaurants, Ms. Smith said with a laugh.
Ann Gravett, the previous owner, attended the Sept. 28 auction.
Since her husband Ben’s death in 2014, the family systematically has sold their Fauquier real estate, Ms. Gravett said.
“This is just one we didn’t need any more,” the Madison County resident said of the Waterloo Street property.
The family last week accepted an offer for the historic Menlough home and 8.8 acres along Culpeper Street, also previously scheduled for auction Friday. Ms. Gravette declined to discuss the pending sale. For tax purposes, the county values Menlough at $1.9 million.