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Tue, Oct 17, 2017 18:04
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Former Auburn, Maine pulp mill sells for $7 million below assessed value

AUBURN, Maine (From the Sun Journal) -- City records show that a former Auburn, Maine, pulp mill sold for $7 million below its assessed value to a Texas company that is considering using the site for growing medical marijuana.

BlueWaterTX1031, a Texas company established by an Auburn businessman last month, purchased the former Cascades Auburn Fiber mill for just $2 million in February.

The 120,000-square-foot recycled paper processing plant closed last July, citing a decline in prices in the pulp and paper market. Forty-five workers lost their jobs as a result.

Auburn's deputy director of planning and development says the new owners have discussed a range of uses for the property, from warehousing to manufacturing to even medical marijuana.

BlueWaterTX1031 is linked to Blue Water Marina, a registered company since 2004.

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