The Warren House, the rundown North Water street house owned by the town of Edgartown, finally has a bidder.

A group including Maggie White, the owner of Hob Knob Inn as well as construction and realty companies, submitted a two-option bid to restore the home into a single family residence early this week.

One bid would pay the town $1 million plus 40 per cent of the profits made from selling the house. A second offer would pay the town $1.25 million in cash.

The selectmen opted to take the bid under advisement and discuss it further at their June 17 meeting.

Captain Warren, it turns out, was actually an accountant.

And the house at 62 North Water street may bear his name (along with the disingenuous title of captain), but the history of the building is not about Captain Warren. The once-stately home dates to the late 18th century and was the home of the Osborns, an old Edgartown family that traced its roots to the whaling era. Caroline Osborn Warren, Mr. Warren’s wife, inherited the house, and was a benefactor of the Edgartown Public Library next door.

This time with a quorum, Edgartown voters at a special town meeting Tuesday night agreed to allocate money for an appraisal of the Capt. Warren House and approved the conversion of silos at Katama Farm into cell towers.

A total of 168 voters attended the special session. The meeting was rescheduled from last week after falling 20 voters shy of a quorum. Moderator Philip J. Norton Jr. presided over the 15-article warrant.

All articles were approved.

The Edgartown Library building committee hit yet another bump in the road this week when the town historic district commission said it will not allow the Warren House to be torn down.

The building committee’s latest plan calls for razing the historic colonial-era house and replacing it with a parking lot for the expanded and renovated library at the Carnegie building on North Water street

But after meeting on Tuesday with the historic district commission, that plan, like others before it, now must be scrapped.