The historic Broadgauge building in downtown Petersburg is scheduled for auction Sept. 20-22. All furnishings and equipment are included, with bids starting at $250,000.
Dan Sperry of The Real Estate Group is handling the auction and originally listed the property for sale earlier this year at an asking price of $2.9 million. The price was later reduced to $1.9 million.
The restaurant and event venue closed in January, and owner Douglas Pope told SBJ at the time that he hoped to sell the property “fully equipped, fully furnished” to better enable a new owner to reopen it.
Pope, a Petersburg native, moved to the west coast to work in the technology industry but returned to his hometown during the pandemic while working remotely for the real estate firm Zillow. He decided to purchase and restore the Broadgauge building, constructed in 1872, and was honored with Landmarks Illinois’ Richard H. Driehaus Foundation Preservation Award for Adaptive Reuse in 2022.
In addition to the 18,790-square-foot space that was restored and turned in a restaurant, coffee shop and events venue, the auction includes 3,600 square feet of space in the former cigar factory and VFW hall, along with 2,400 square feet of space in the Hubbard building. Both areas have been gutted and are ready for redevelopment. The two buildings are attached to the main Broadgauge building and could be integrated or separated, according to the auction listing.
Bidders must register in advance, which will require proof of funds and a participation deposit. If you are not the winning bidder, the participation deposit is refunded.
This article appears in SBJ August 2025.
What was the final selling price for Broadgauge?
Thanks.