A once-popular downtown Petersburg restaurant and event space failed to sell at auction last week and has returned to the market.
Broadgauge failed to meet its reserve price at an auction held the week of September 22. “The saga continues…” a post read on the former restaurant’s Facebook page, “The reserve price at the auction was not met, so we are back on the market at a reduced price. Broadgauge is now listed for $1 million.” The new price also includes furniture and equipment. The post says that seller financing is available. Dan Sperry of Springfield’s The Real Estate Group is the broker for the property. The property and furnishings were originally listed for $2.9 million.
Douglas Pope, the person responsible for the award-winning restoration of the building has been hoping to find a buyer for the historic downtown Petersburg location since January. Pope told the Springfield Business Journal he was selling the building for personal reasons and wanting to get out of the hospitality business. Pope was honored with Landmarks Illinois’ Richard H. Driehaus Foundation Preservation Award for Adaptive Reuse in 2022.