NEW BEDFORD, Mass. – The Massachusetts mill where billionaire investor Warren Buffett first made his mark is being torn down.
Roland Letendre, who’s owned the Berkshire Hathaway mill in New Bedford for years, started demolishing the structure on Monday after years of trying to sell it.
Letendre tells The Standard-Times (http://bit.ly/1dsrasi ) the mill had been on the market with an asking price of $500,000, but it needs about $1 million in repairs. He plans to sell the land.
Buffett acquired control of the textile manufacturer as an ambitious 34-year-old investor in 1965. Overwhelmed by foreign competition, Buffett closed the mill in 1985 and later sold the 18-acre complex to Letendre for $215,000.
Buffett’s Omaha, Neb.-based conglomerate is still called Berkshire Hathaway Inc.
Buffett reportedly turned down an opportunity to buy back the property.
Information from: The (New Bedford, Mass.) Standard-Times, http://www.southcoasttoday.com