AUBURN – For 136 years, Mid-State College opened its doors to those seeking higher education at a small private school. On Monday, doors, along with the rest of the Auburn campus, went to the highest bidder.
Provider Financial, an Auburn financial group that specializes in providing billing and financing services, purchased the college at an auction for $510,000.
According to Auburn’s Geographic Information system, the college buildings were valued at $518,200 while the land was assessed at $150,600.
The finance group bought the college buildings, land, furniture and equipment previously owned by the college.
Provider Financial, which has offices at 292 Court St., plans to move into the space, according to a lawyer representing Mid-State.
According to Mid-State lawyer Andrew Cadot, representatives from the financial group put down a deposit on the college property at Monday’s auction. They are expected to pay off the the balance to finalize the deal.
Officials at Provider Financial could not be reached for comment Monday night.
The land and property was auctioned off three months after Mid-State closed its doors due to financial woes.
In August, college officials announced they would close the school after losing accreditation. Without accreditation, Mid-State students could no longer qualify for federal financial aid.
When the news broke about the school’s financial problems in August, many students and teachers were preparing themselves for a new year of classes. The 225 students registered to begin classes in September had to scramble to make new arrangements.
In recent years, the college has been popular among former shoe factory and mill workers affected by plant closings, school officials said.
Mid-State College opened in August 1867 as Dirigo Business College. The Auburn campus on East Hardscrabble Road was built in 1916 as the Auburn Maine School of Commerce. It became Mid-State Business School in 1977, then changed its name to Mid-State College, Auburn campus, in 1982.
Mid-State, as an entity, is owned by Las Vegas businessman John S. Hraba.
The Mid-State College property in Augusta is scheduled to go on the auction block next Monday, Cadot said.
mlaflamme@sunjournal.com
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