Top bid for Abraham Lincoln Hotel $6.5M

December 15, 2009 6:14:54 AM PST
A Springfield hotel that was built with the help of a taxpayer loan was put on the auction block Monday- but the top bid was well below what's still owed on the facility.The Abraham Lincoln Hotel was built in the early 1980's.

The owners included political power broker William Cellini, who is now facing corruption charges. They failed to repay the debt, which has ballooned to more than $30-million.

The top bid at Monday's auction was $6.5 million from developer Steve Horve.

The Springfield State Journal Register reports that treasurer Alexi Giannoulias intends to accept the bid.