The Watergate Hotel in Washington, D.C., will hit the auction block this morning after its owners, Monument Realty, defaulted on its loan, listing an outstanding $40 million balance, according to an Associated Press report.

Located at 2650 Virginia Avenue NW, the 250-room building, which also features 146 suites, is located in the same complex where perhaps the most famous political scandal in American history took place.

In 1972, five men were arrested for burglarizing the Democratic National Committee headquarters within the Watergate Office complex. It was eventually revealed that President Richard Nixon had knowledge of the illegal activities and attempted to cover them up

Nixon resigned two years later in 1974 to avoid impeachment.

Alex Cooper Auctioneers is scheduled to auction The Watergate Hotel, beginning at 10:15 a.m. today (Tuesday, July 21, 2009). The report indicates that a minimum $1 million deposit will be required at the time of sale.

We’ll pass along additional news of the auction as soon as possible.

Location: District of Columbia County, Washington D.C.
City: Washington D.C.
Price: $326,000
Zestimate: $558,202
Difference: $232,202

Note: Other comparable listings in this neighborhood range from $352,935 up to $630,990. For more property details or to talk to a local real estate agent/broker about this listing CLICK HERE.

This three-bedroom, two bathroom home is ideally located just minutes from downtown Washington, D.C. With a living area size more than 2,100 sq. ft. — and a whopping reduced price — this listing can be a steal for first-time homebuyers and investors alike.

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