The building housing one of the longest serving department stores in the British Virgin Islands, Bolo’s, is being auctioned.
The state-owned National Bank of the Virgin Islands (NBVI) made the announcement amid what BVI News Online understands to be a legal battle.
Operators of the store located in Road Town declined to comment on the matter when contacted this week.
But, in a public notice, NBVI said it is auctioning the property at a starting price of $3,816,000.
According to a public notice, the property was leased to Verlin ‘Bolo’ Crabbe more than 40 years ago ‘for a term of 99 years’.
The property is said to be 0.13 acres (5,663 square feet) of Crown land. The building, in the meantime, has approximately 22,700 square feet of gross floor area inclusive of a basement level (storage/loading), ground and first floors (retail areas), and second floor (office space).
This story has been updated to include the size of the building and land.
Copyright 2021 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.