Auction set to begin for Watergate Hotel in DC

[July 21, 2009]  WASHINGTON (AP) -- The Watergate Hotel, made famous by the scandal that brought down President Richard Nixon, is heading to the auction block.

Alex Cooper Auctioneers is scheduled to start taking bids on the Washington, D.C., landmark Tuesday morning.

Vice president Paul Cooper says hotel chains and developers in the U.S. and overseas have expressed interest in the property.

A 30-day foreclosure notice expired Thursday. It was sent to hotel owner Monument Realty last month after the company defaulted on its loan and listed an outstanding $40 million balance.

The Watergate became famous in 1972 after burglars broke into the Democratic headquarters there, and the ensuing scandal led to Nixon's resignation.

[Associated Press]

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