- Associated Press - Wednesday, August 26, 2015

HOT SPRINGS, Ark. (AP) - Hot Springs officials say the city has assumed ownership of the Majestic Hotel complex, which sustained major fire damage in a 2014 fire, after closing on a deal this week.

The Sentinel-Record (https://bit.ly/1KkhyPQ ) reports that ownership of the property will allow the city to seek grants and other financial assistance in removing rubble from the “yellow brick” building that was torn down following the blaze.

City Attorney Brian Albright says the final cash price for the property was more than $672,000. City officials signed closing documents on Tuesday.

The city said the contract sale price was an estimated $1.6 million. But a $935,000 reduction as a donation from the seller and other credits toward the purchase price decreased the original cash price to the present amount.

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Information from: The Sentinel-Record, https://www.hotsr.com

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