The Rinsenro Kashiwaya Bessou Ryokan is up for foreclosure auction for a second time, this time with a minimum bid is set at 25,168,000 Yen (approx. 230,000 USD). Bidding is open from November 29 to December 6, with the winning bid to be announced on December 11.
The ryokan was founded in 1910 in the building of a former sake brewery. Over the years it hosted famous novelists and other celebrated and well-known guests. The ryokan operator, like many others at the time, borrowed heavily in advance of the 1998 Nagano Winter Olympics to upgrade the hotel’s facilities. The operator filed for bankruptcy in 2017 with debts of 995 million Yen.
In late 2018 the ryokan was put up for foreclosure auction, with a Gifu-based real estate company making the sole and winning bid of 42,790,000 Yen. It appears the sale did not proceed.
The Bessho Onsen district is Nagano’s oldest hot spring area. In the late 1800s there were as many as 30 inns. By 2018 the number had dropped to 15.
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