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A bidding war has broken out for the historic U.S. Custom House at 220 N.W. Eighth Ave. in Portland.

According to the , five bids were submitted for the building in the past week; the top bid was $2.67 million. Before Feb. 8, no new bids had been submitted in more than a month.

The auction will continue in 24-hour increments as long as bidding continues. Once a winning bid is unchallenged for 24 hours, bidding will close and the winner will have 10 days to make a down payment. The GSA will not announce the winning bid until the sale is final.

In 2010, local real estate company won the building with a bid of $2.5 million. The deal collapsed, however, when the firm failed to raise sufficient money.

The 78,838-square-foot office building was constructed in 1901. in 1997 estimated that needed repairs totaled $18 million to $24.3 million – in 2009 dollars. Other than short-term leases for film and television productions, the building has been vacant for slightly more than six years.