Wachovia Bank, owner of the former LaFayette Kmart, has refused the only offer made at a recent auction.

Jeb Howell of Auction Management Corp. in Atlanta said Wachovia Bank declined the $400,000 offer made late last week. Howell, on Tuesday, said he does not know whether Wachovia will try to auction the building again.

Howell, at the June 30 auction, said he was not sure Wachovia would accept the offer for the 92,263-square-foot building at 1794 N. Main St. The offer included an additional 5 percent buyer premium, bringing the total to $420,000.

Howell conducted the auction on the Kmart property, which includes nearly 18 acres. He started the auction at $1 million.

Tom Adams of Atlanta made the only offer on the property. Adams said he represented another buyer, but declined to comment on that buyer or possible plans for the site