Buyers scoop up Folly Castle items, but house draws no bids

PETERSBURG -- Dozens of bargain-hunters showed up for an auction at one of the city's most historic homes Saturday, but for the main item up for sale -- the house itself -- there were no takers.

Folly Castle, the home at 323 W. Washington St., was on the auction block along with all of its furnishings. But while the furnishings, including antiques and art, were flying out the door, no one showed up to bid on the 5,556 square feet of living space and 105-by-250-foot lot. The home was built in 1763 by Peter Jones II -- the grandson of Peter Jones, for whom Petersburg was named.

Ed Dixon of Dixon's Auctions and Estate Sales said he was surprised by the absence of bidders at the scheduled 2 p.m. auction of the house. Several people had expressed interest and had even filled out bid sheets earlier in the day, he said.

Dixon speculated that the economy and tight credit conditions may have played a role. "Any other time, you'd have six or eight bidders for a house like this," he said. Because an auction requires buyers to have upfront funds, "you have to have solid credit" to get bank backing, he said.

The economy also may have accounted for the bargain prices paid for many of the furnishings that sold Saturday. In some cases, art objects such as paintings and prints were selling for $5 to $10 and antique chairs and sofas for $50 to $100. A 9-by-12-foot Chinese silk carpet sold for less than $200.

Bonnie Kirby, an agent with the Colonial Heights office of Long & Foster Real Estate Inc. who is representing Folly Castle's owners, Timothy and Jacqueline K. Graham, said the house is still on the market through her company. In addition, she said, the Grahams will continue to accept bids.

The house had been listed by Dixon's Auctions on Internet auction site eBay with an advertised price of $559,500; that listing was inactive on Saturday. The Grahams paid $540,000 for the property in 2003, according to Petersburg real estate assessment records. The assessed value last year was $703,600, but the proposed assessment for 2009 is $527,000.

The Grahams have operated a bed-and-breakfast at the property, the Folly Castle Inn. "They've been here over six years," Kirby said. "They just felt like it was time to move on."

The house was given its name because Peter Jones II, the original builder, was a bachelor, and his neighbors thought it was "folly" for an unmarried man with no children to build such a large house. Jones later married, and the couple had children.