Watergate Hotel set to go on DC auction block

WASHINGTON -- The Watergate Hotel that is part of a complex made famous by a presidential scandal is heading to the auction block.

Alex Cooper Auctioneers is scheduled to start the sale of the landmark at 10:15 a.m. Tuesday. According to the company's Web site, a $1 million deposit will be required at the time of sale.

The auctioneers say hotel chains and developers in the U.S. and overseas have expressed interest in the property.

A 30-day foreclosure notice expired 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 office, residential and hotel complex gained international notoriety from a 1972 burglary that led to President Richard Nixon's resignation.