Economy | NW Life | Oregon

Old Wash. Ferry Sold At 40% Of Market Value

AP | Nov. 26, 2012 10:09 a.m. | Bainbridge Island, Washington

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AP

It wasn’t a Black Friday sale but a classic old Washington state ferry has sold at auction for just 40 percent of market value.

The 48-car Rhododendron was sold this week via a state-sanctioned auction website for $300,000 to an entity named “Kingstontown.” KOMO-TV reports that the market value had been placed at $750,000.

The sale comes at a time when several state lawmakers are asking for more ferry capacity because several other ferries are temporarily sidelined.

The Rhododendron was purchased by the state in 1952 and retired from service in January after 60 years on the job. The Coast Guard banned her from any but the shortest of trips.

KOMO says the interior is in generally good condition after some restoration. However, state Rep. Judy Clibborn, who chairs the state House Transportation Committee, says the ferry would have been too expensive to restore to service.

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