Realtor Bryan Petro announced May 22 that Myhre’s, located at the corner of Bay Street and Sidney Avenue, has been sold.

Petro, of Windermere Real Estate in Port Orchard, said the building was purchased for $475,000 by Abadan Holdings LLC and Seattle real estate investor Mansour Samadpour.

Since the building went on the market earlier this year, Petro said there had been a lot of interest in the 15,000-square-foot building that one was home to a popular downtown restaurant, Myhre’s.

Petro said one stipulation in the purchase of the building was that two plaques — one each on the Bay Street and Sidney Avenue corners of the building — that will recognized the Myhre-Rylander Building.

He added that the buyer paid all the property taxes and closing costs.

The restaurant has been closed since July 2011 when a fire gutted the building.

Petro said the restaurant was started in the 1930s and the original wood structure was destroyed during a 1963 fire. Dick Rylander then took over his family business and replaced the building with a brick structure.

The Rylander family (Myhre’s Inc.) repossessed the building on Jan. 3 during a trustees’ sale at the Kitsap County Administration Building. The property reverted back to the Rylanders after no bidder showed up for the sale.

John Lora and Melinda Oliver purchased the 15,000-square-foot building for $700,000 in 2005. They planned to rebuild the restaurant after the July 2011 fire and a new roof was installed on September 2012.

There has been no work on the building since.

In 2013, several contractors that worked on the building filed a joint lawsuit in Kitsap County Superior Court against Lora and Oliver. The contractors said they should have been paid from an insurance claim and the couple owns them about $250,000.

“The couple wasn’t paying the contractors and Mr. Rylander, they had to foreclose,” said Petro. “As soon as the foreclosure sale came, the man filed for bankruptcy. That postponed the foreclosure sale until he got the bankruptcy court to let him continue it. When that happened, the woman filed for bankruptcy.”