Clipped From Galesburg Register-Mail
Hotel Custer sold for $500,000 A deed formally selling the Hotel Custer for $500,000 was filed Monday in the Knox County Recorder's office. It calls for Henderson Edmunds, the buyer, to pay between $6,000 and $8,000 a month for the seven • story hotel at Kellogg and Simmons streets. Eight percent interest will be charged, according to the deed. THE SELLERS are Bennie and Clara Amato. Included in the deed are provisions giving Amato free rent for life of a seventh floor apartment and free use of an office in the lobby. Agreement between Edmunds and Amato, who both list their addresses as the hotel, dates back to Sept. 1, the deed says. ACCORDING TO tax records, Amato bought the hotel in February 1967 for $100,000 after the building had been in receivership for a while. It's assessed now at $116,000, city assessor Ron Harms says. The deed gives a value of $400,000 to the real estate the hotel occupies — about a quarter of a block — and a value of $100,000 to the equipment and furnishings in it. Reportedly, Edmunds, from the Chicago area, paid $50,000 as a down payment on the hotel. Amato said in late summer he had sold the hotel to Edmunds but details of the transaction weren't announced and deeds weren't exchanged.