The Black Ram, a former restaurant in Des Plaines, has been sold, according to a Chicago-based real-estate auction business.
The selling price for the bank-owned property on 1414 E. Oakton St. was not immediately available, but the minimum bid was $300,000, said Rick Levin, president of Rick Levin & Associates, Inc, which conducted the auction.
“The bank was content with the sales price and I know the buyer was excited about the future of that property,” said Levin, adding the owner asked him to wait about 30 days before releasing the sales price.
The popular steakhouse, also known for its seafood, was foreclosed on in 2009 after 40 years in business. The property was previously valued at $1.47 million. A video of the 8,888 square-foot restaurant shows the kitchen equipment still inside the building and a dark, wooden bar area with booths. The restaurant sits on a 50,865 square-foot site.
Levin said there were about 100 people in the auction room Nov. 15 at the Chicago Marriott Suites O’Hare in Rosemont. The business auctioned off a number of properties, which all together sold for almost $2.5 million, he said.