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The auction of the U.S. Custom House closed Monday, and the apparent winner came in with a bid of $4.74 million – nearly doubling the purchase price of the sale that fell through last year.

The General Services Administration will not reveal the identity of the winning bidder until the transaction is finalized, according to a GSA spokeswoman.

The 111-year-old landmark at 220 N.W. Eighth Ave. comes with a significant backlog of deferred maintenance that prevented the last auction winner, local real estate company PREM Group, from closing on its $2.5 million deal.

Since 2004, the GSA has made several unsuccessful attempts to sell the four-story, Second Renaissance Revival-style building. In 2010, the GSA planned to transfer the building to The International School, but the group ultimately decided to withdraw its application.

The building will likely need extensive renovations, which could run up to $17 million, according to cost estimates collected by PREM Group. Points of concern include major seismic weaknesses, asbestos and violations of the current Americans with Disabilities Act codes. The Custom House also is on the National Register of Historic Places, which means the owners must preserve its historic character.

The winning bidder has 10 days to contact the GSA and make a 10 percent deposit, at which point their identity will be released.