For $125 and 200 Words You Can Own a Historic Bed and BreakfastA woman in Maine is giving her country inn to the winner of an essay contest, carrying on the tradition that began in 1993.

ByCarly Okyle

Opinions expressed by Entrepreneur contributors are their own.

Running a business takes financial savvy, dedication, passion and… writing skills? It does if you hope to run theCenter Lovell Innin Lovell, Maine.

After managing the inn for more than 20 years, Janice Sage is looking to hand off the torch. But instead of going down the traditional route of listing the property, Sage has decided to choose the new owner based on a 200-word essay.

The theme of the essay is, "Why I would like to own and operate a Country Inn." The entry fee is $125 and Sage has the right to keep all of the money she receives. She hopes to attract 7,500 applicants, which would bring in an estimated $900,000 -- the price a listing agent said the 210-year-old inn was worth.

The Center Lovell Inn, built in 1805, sits on 12 acres of land and offers views of the White Mountains and Kezar Lake. It has 10 guestooms, a dining room that seats 40 and a wrap-around porch.

According tocontest rules, the applicants must be at least 18 years old, and the 200-word essays must be postmarked by May 7. After the deadline has passed, Sage will pick the 20 submissions she likes best and two anonymous judges will decide the winner. Sage will announce the judges' decision on May 21.

Related:The Sharing Economy Enters the Business of Business Travel

虽然似乎是一个奇怪的想法,但比赛is actually carrying on a tradition, as this is how Sage came to own the inn.

Back in 1993, Sage was managing a restaurant in Maryland when a friend told her that a couple in Maine, Bil and Susie Mosca, were offering to give their business to whoever mailed in the best essay, along with a $100 entry fee,The Press Herald reports. She wrote the essay in about an hour and won, being chosen from the 7,000 submissions that came from around the world. Now, at 68, Sage wants to retire and is using a very similar method to find her successor.

"There's a lot of very talented people in the restaurant business who would like to have their own place but can't afford it," she told the Press Herald. "This is a way for them to have the opportunity to try."

Bil Mosca told the paper that he was pleased Sage was using a similar process and that he thinks the contest will be a successful one. Reflecting on when he created the contest, he remembered many people asking how he and his wife could be sure they made the right decision. He'd tell them simply, "We trust." The trust paid off, he told the paper. "It turned out we were right," he said.

Related:Traveling Abroad? The Top 10 Hotels in the World.

Wavy Line
Carly Okyle

Assistant Editor, Contributed Content

Carly Okyle is an assistant editor for contributed content at Entrepreneur.com.

Editor's Pick

Related Topics

Business News

'Soul Crushing': Internet Sleuths Notice Something Is Very Off With This Condo Listing

From the grey carpets to the fluorescent lights, it's obvious that this home was not always a home.

Business News

An 81-Year-Old Florida CEO Just Indicted for a $250 Million Ponzi Scheme Ran a Sprawling Senior Citizen Crime Ring

Carl Ruderman is the fifth senior citizen in the Miami-Fort-Lauderdale-Palm Beach metropolitan area to face charges in connection with the scam.

Green Entrepreneur

Phoenix Has Hit 110 Degrees for a Month, But This One Invention Is Cooling Things Down a Tad

For the Arizona city amid a record-breaking heat wave, cool surfaces bring a modicum of relief.

Business News

'Awful Advice': Barbara Corcoran Slammed For 'Tone Deaf' Business Advice to Interns

The "Shark Tank" star shared tips on social media about how interns can increase their chances of getting hired full-time, but the public reaction didn't go as planned.

Money & Finance

Want to Become a Millionaire? Follow Warren Buffett's 4 Rules.

企业家是不能过度指狗万官方望太多a company exit for their eventual 'win.' Do this instead.

Business News

'This Is My Life Now': Man Hysterically Documents Elon Musk's 'X' Sign Blaring Flashing Lights Into His Bedroom Window

The sign, reportedly put up without a permit, is shining bright at X HQ in San Francisco.