Cancun's property brings $664K

The building and property that formerly housed Cancun's Mexican Grill at 1385 Shoreline Drive in Gulf Breeze was purchased Sept. 10 for $664,300.

The undisclosed purchaser was the highest of eight bidders on Bid4Assets.com, an online auction site that frequently sells seized property for the U.S. Marshals Service.

The buyer, whose identity is kept confidential by the federal government, was required to post a 10-percent deposit — or $46,475 — of the $464,750 minimum bid to participate in the bidding process. The purchaser, who used the cryptic screen name of "haifengwang," has until Oct. 10 to close the deal.

The buyer will forfeit their deposit if the transaction is not completed.

On Friday, Aug. 22, at least 19 interested people and prospective buyers inspected the property, which sits on .82 acres at the corner of Shoreline Drive and McAbee Court. The 3,473-square-foot building includes two inside dining areas. A separate wooden, outdoor seating area sits on the west side of the building.

Federal agents closed Cancun's in December 2007 after a nearly year-long investigation. Its owner, Rogelio Galvan-Chavez, and a majority of employees were convicted on an array of immigration, drug and firearms violations.

The property has sat vacant for nine months. The U.S. Marshals Service announced in mid-August that the former restaurant, a popular family dining spot and after-school hangout for Gulf Breeze High students, would be sold online.

The Bid4Assets Web site got 17,589 page views in less than two weeks before the auction.