OXFORD — Norway Savings Bank retained control of a marina near the defunct Robinson Mill on Thursday after a foreclosure auction failed to generate a bid high enough to satisfy the lender.

The bank, which previously approved two mortgages for the property owner totaling $260,000, bid $250,000 on the 4.02-acre marina on the shore of Thompson Lake. Janet Ross, vice president in charge of special assets with Norway Savings Bank, said the bid was meant to protect the bank’s interests.

“We’ll continue to look for another buyer,” Ross said. “We’ll continue to offer it in other ways.”

The auction was hosted by Tranzon Auction Properties of Portland after the marina’s owner, John C. Robinson of Raymond, failed to abide by conditions of two mortgages on the property. According to the Oxford County Registry of Deeds, Robinson took out a $240,000 mortgage on the property in February 2006 and an additional $25,000 mortgage in June 2008.

The marina includes a floating dock system with 32 slips, 570 feet of frontage on Thompson Lake, a 5,000-gallon underground fuel storage tank, and three buildings off King Street.

The main structure is an approximately 28,898-square-foot steel frame warehouse. The other two buildings are an approximately 2,052-square-foot wood frame barn and 1,600-square-foot steel frame storage building.

The property was assessed this year at $372,000, with $285,200 of that value coming from the buildings and $86,200 from the land. The annual taxes are $4,668.60.

David Sherman, the bank’s attorney, said before the auction that while Maine law considers submerged land the property of the state, land that has been submerged artificially can still be considered private property. He said there was the possibility that the exception could apply at the marina due to the proximity of the mill’s dam.

“It is possible that the land that is submerged here on the shorefront is not going to be sold here by the bank,” Sherman said.

Thomas Saturley, president of Tranzon and Thursday’s auctioneer, began the bids at $500,000 and reduced them to $100,000 after George Schott, owner of the Auburn Mall, offered to open with that amount. Schott later raised his bid to $150,000, but declined to raise it after Ross increased the bank’s bid to $175,000. Ross increased the bank’s bid to $250,000 after a short break and the auction was closed.

“One, it’s off the beaten path,” Schott said, explaining why he did not pursue his bid. “Two, you’ve got a derelict mill right next to it.”

Schott also said the marina was also close to the mill’s wastewater treatment facility and did not have an ideal waterfront.

Sherman said the bank was unwilling to sell the property for less than it is worth, which could also lead to the bank losing repayment on the mortgages. Ross said the bank will ask people to remove personal property being kept at the mill. On Thursday, there were four boats and four vehicles at the warehouse, including an antique fire engine owned by the town.

On Oct. 15, the town’s selectmen voted 3-2 to take possession of the 7.5-acre mill property from Robinson, a Republican state legislator and sixth-generation member of the family that ran the woolen mill from 1849 until 2004. The board took the action after Robinson failed to make an $80,000 payment on Oct. 13 per a land installment agreement.

The town foreclosed on the mill for nonpayment of $244,920 in property taxes over the course of the past three years, but later entered into the contract with Robinson to allow him to pay off a $162,970.88 lien by March to bring the property out of automatic foreclosure. Robinson separated the marina property from the mill last year and said he planned to sell it and other properties to help pay the town.

The town recently released the marina property from an $87,398.94 tax lien to remove the burden from any purchaser of the property.

Robinson was unavailable Thursday. He previously asked the selectmen to postpone the Oct. 13 payment until after the auction.

Town Manager Michael Chammings said the town has currently restored power at the mill and will shut it off when the facility is winterized. He said the town is also equalizing the tanks in the treatment plant to ensure that rising groundwater doesn’t lift them out of the ground and break pipes. He also said the property was uninsured, so the town has bought liability insurance for it.

“We’re more than glad to pass it along to any willing buyer,” Chammings said.

Chammings said selectmen recently held an executive session to discuss options for the property. He said the town’s foreclosure policy allows them to accept requests for proposals rather than turning a property over to a high bidder if the property is unique and has a potential benefit to the town.

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Thomas Saturley, president of Tranzon Auction Properties of Portland, speaks to potential bidders Thursday at a foreclosure auction for a marina on the Robinson Mill property in Oxford.

Norway Savings Bank, which approved two mortgages totaling $265,000 for a marina property at Robinson Mill in Oxford, took control of the property at a foreclosure auction on Thursday. The marina includes several buildings, 32 boat slips and 570 feet of shore frontage on Thompson Lake.