109 North Main Street LLC bought a two-story, 4,925-square-foot building at the same address in downtown Bentonville for $1.4 million.
The company, registered in Delaware, bought the building from HRH Haifa Bint Naif Bin Abdul Aziz Al-Saud, a princess who is the granddaughter of Ibn Saud, the founder and first king of Saudi Arabia. (HRH stands for Her Royal Highness).
Ramsay Ball with Colliers International in Rogers was the listing agent for the property.
First Western Bank in Rogers backed the purchase with a one-year loan of $1.12 million. The mortgage, according to Benton County paperwork, was signed by Ron Pender, a real estate broker with RE/MAX Real Estate Results in Bentonville.
“The princess bought [the building] years ago as an investment,” Ball said. “It became apparent that the property needed extensive renovations, and because she did not live in the country, the best option for her was to sell the property.”
The princess, according to Benton County property records, bought the building from Cindy Suter and Mary Lou McCleese in September 2012 for $925,000.
In a statement, Pender said the building requires substantial renovation, and those plans are in the early stages. The building is on the west side of the square adjacent to the Walmart Museum. It is notable for its purple exterior trim, and because it is the only vacant commercial space facing the downtown square. It previously housed MaJesty Republic art gallery, which opened on Nov. 11, 2011, and was owned by the princess. That’s the same day another Bentonville art “gallery” opened — Crystal Bridges Museum of American Art.
It is unclear why the MaJesty Republic closed a couple of years ago.