It appears the downturn in the economy has taken its toll on another Sheridan landmark. Sheridan Media's Ron Richter
The Historic Sheridan Inn opened in 1893, reveled by many as the finest hotel between San Francisco and Chicago. The Inn has certainly seen its share of ups and downs throughout the years, as revolving ownership and several bankruptcies and closures are all part of the building's historic legacy.
The Sheridan Heritage Center, a non-profit organization, took over ownership of the building in 1998. Despite a feverish campaign to renovate the Inn and turn it back into a fully operational hotel, it appears the home of Buffalo Bill Cody has once again fallen on hard times.
Sheridan Heritage Center Treasurer Renee' Obermueller explains.
Obermueller says that the future of the Sheridan Inn remains up in the air.
As far as how much funding is needed to finish the renovation?
The loan that was defaulted on was taken out in 2008 in the amount of $1.8 million. The notice to proceed with foreclosure was due to the fact the the Sheridan Heritage Center could not keep up with the monthly payments of $7,000, and owed the bank over $1.4 million on the loan.