Real Estate Report: Maine cashes out

The state of Maine is selling this property in Boothbay Harbor (WGME)

BOOTHBAY HARBOR (WGME) -- When a house goes on the market, maybe it's because a family is ready to move or a landlord wants to move on, but in this case, it's the state of Maine, ready to cash-in on a waterfront gift after 30 years.

It may look pretty from a distance, but inside, it's far from idyllic.

But in real estate, brokers like Chris Paszyc remind you it's all about location.

The state of Maine owns this house, which sits on more on than an acre in Boothbay Harbor, a gift from the federal government to the state in 1986.

A gift with strings attached.

"It needed to be used for health purposes," Paszyc said.

With that in mind, the department of marine resources used it as a home base to study red tide.

Also as part of the deal, the state couldn't sell the property for three decades.

It's sat empty since 2013.

Now it's time to cash out.

Just shy of $800,000, the 3,600 square foot structure built in 1900 is set up as office space, but is zoned as residential.

A special piece of real estate, it's a new life ahead for old property with a unique history.

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