Urbana's Landmark Hotel has been sold for $1.3M. The auction, which started on Tuesday, has been completed and the reserve of $1.1M by the owner was met. Check out the auction site for the details.

The previous auction didn't meet the initial reserve by the owner, which ended up at a final $3.95M. So it appears that the expectations for the reserve were considerably lower this time around.

What this means remains fairly unknown, there's a closing process, and I'm sure we will find out more info soon enough surrounding the details.

Top photo by Justine Bursoni.