War Eagle Mill and its surrounding property is being sold by Elise Roenigk, the Eureka Springs hotelier who has owned the historic landmark east of Rogers since 2004.
The 4.7-acre property, which includes the grist mill, restaurant and a separate manufacturing facility that produces organic grains, was put on the market earlier this week and listed for $675,000.
In addition to the property, the sale will include all aspects of the mill's grain-production business.
Sandy Wright, who is Roenigk's representative, said the owner is selling the property to downsize her holdings. Roenigk also owns the Crescent and Basin Park hotels in Eureka Springs, but is not interested in selling those properties.
"She's been thinking about it for a little bit, but then decided to go ahead and put the mill on sale," Wright said. "It's really a personal decision on her part about downsizing more than anything else."
War Eagle Mill was first built by pioneer couple Sylvanus and Catherine Blackburn in 1832. The mill has been destroyed three times, by either flood or fire , and rebuilt three times.
Jewel Medlin bought the property in 1973 and rebuilt the mill for the final time along with his wife, Leta, and daughter Zoe Medlin Caywood. Their design recreated an undershot waterwheel used by Blackburn more than 100 years earlier and it still powers the mill today, which has helped turn War Eagle Mill into a popular tourism destination in Northwest Arkansas.
War Eagle Mill is home to a four-day craft fair that attracts more than 125,000 visitors each fall, according to the War Eagle website. War Eagle held its 63rd fair in October with more than 250 vendors.
"It's an iconic cornerstone," said Stewart Nance, a senior associate at Cantrell-Griffin Business Broker and the listing agent. "There's no other way to put it. And we hope to find somebody who can take what it offers to the next level."
Roenigk and her late husband, Marty, bought War Eagle Mill 12 years ago. It is the only working water mill in the state and is used to grind about 40 varieties of organic grains, flours, baking mixes and cereals. A commercial facility that manufactures War Eagle Mill products also is located 2 miles away and is part of the sale.
Wright said War Eagle products are sold in about 40 states.
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Nance said the mill's name and what it represents to Northwest Arkansas tourism is important. But the that fact War Eagle Mill is a "vibrant business," as well, should garner attention from potential buyers.
"Whoever is going to be interested in War Eagle mill isn't buying it for looks," Nance said. "They're buying it for its intangible value. The name, what it represents to Northwest Arkansas tourism, and that brand. ... That can be extrapolated and grown. It's got a lot of potential for growth."
Wright acknowledged the mill's future will be determined by the buyer and is confident the next owner will build on the success. She said Roenigk invested in improvements in the business and believes the mill is at a place that will lead to growth for what has become an "iconic symbol" in the state.
"In addition to the mill, they're buying a brand and a market," Wright said. "Somebody may decide to expand the product. Somebody may decide to keep it as it is. You just don't know.
"I think Elise's hope is that they keep the mill and the history and the tourism, which is probably what they would be interested in buying. And the hope would be they'd expand the market for the grainery."
Business on 12/03/2016