The winning bid was $130,000 at Wednesday's auction for the closed Schimschack's Restaurant in Pekin, but it may be rejected.
Auction terms gave restaurant owner James J. Marinello the right to reject the bid. He said the bid doesn't come close to covering his debts. Unless an agreement can be worked out with Marinello's creditors, the bid will be turned down, said Marinello and his attorney, Joseph G. Frazier.
Mike Kelly, owner of Niagara Construction in Sanborn, put in the bid.
Kelly said he came to the auction out of curiosity but didn't plan to bid.
"I saw an opportunity. Sometime you've got to take gambles," he said.
He's not sure what he would do with the property if he ends up with it.
"I have no idea at this point," Kelly said.