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The Fortune Entrepreneur

Why this incredible mansion is selling for $125

By
Benjamin Snyder
Benjamin Snyder
Managing Editor
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By
Benjamin Snyder
Benjamin Snyder
Managing Editor
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March 11, 2015, 10:20 AM ET
Lovell, ME - MARCH 9: The Center Lovell Inns owner, Janice Sagan, is selling the inn, the same way she bought it 22 years ago, with an essay contest. (Photo by Carl D. Walsh/Portland Press Herald via Getty Images)
Lovell, ME - MARCH 9: The Center Lovell Inns owner, Janice Sagan, is selling the inn, the same way she bought it 22 years ago, with an essay contest. (Photo by Carl D. Walsh/Portland Press Herald via Getty Images)Photograph by Carl D. Walsh— Portland Press Herald via Getty Images

The owner of a bed & breakfast in Maine is handing off her property to whoever who writes the best 200-word essay and submits a check for $125.

Janice Sage first came into possession of the Center Lovell Inn in 1993 when she won an essay contest set up by the owners at the time, Mental Floss reports. But now, Sage is ready to retire—and pass on the property much the same way she came about it.

Sage told the Press Herald: “There’s a lot of very talented people in the restaurant business who would like to have their own place but can’t afford it. This is a way for them to have the opportunity to try.”

The business-savvy Sage is not doing this without cashing out. She hopes to get over 7,500 contest entries, which would mean she would collect $900,000— the price at which real estate agents in the area say she could expect to sell the property, according to Mental Floss.

Entries must be postmarked by May 7. The winner is expected to be announced on May 21st. There’s more information on the contest’s website here.

The Professional Association of Innkeepers International says that the bed & breakfast industry is estimated to be worth $3.4 billion, with as many as 17,000 inns in the U.S. The average daily rate for a room is $150, according to the association’s website.

About the Author
By Benjamin SnyderManaging Editor
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Benjamin Snyder is Fortune's managing editor, leading operations for the newsroom.

Prior to rejoining Fortune, he was a managing editor at Business Insider and has worked as an editor for Bloomberg, LinkedIn and CNBC, covering leadership stories, sports business, careers and business news. He started his career as a breaking news reporter at Fortune in 2014.

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