Watch CBSN Live

Watergate Hotel Headed to Auction Block

The Watergate Hotel, made famous by a presidential scandal, is expected to be on the auction block next week.

Alex Cooper Auctioneers is announcing that it will take bids Tuesday on the Washington landmark.

A 30-day foreclosure notice expires Thursday. It was sent to hotel owner Monument Realty last month after the company defaulted on its loan and lists an outstanding $40 million balance.

The Watergate complex was made famous by the 1972 burglary that led to President Richard Nixon's resignation.

Monument officials said two weeks ago they hoped the lender could agree to new terms, but a company spokeswoman declined to comment Wednesday.

Alex Cooper's Web site does not name the Watergate but describes a 12-story hotel at the Watergate's address.