I have a test where I am given the following article, what is an answer for the question: What failed to reach its reserve price at auction? ?  On 7 May 1896, Sir Humphrey Francis de Trafford put the 1,183-acre (4,790,000 m2) estate up for auction, but it failed to reach its reported reserve price of £300,000 (£34.1 million as of 2019). There was much public debate, before and after the abortive sale, as to whether Manchester Corporation ought to buy Trafford Park, but the corporation could not agree terms quickly enough, and so on 23 June Ernest Terah Hooley became the new owner of Trafford Park, for the sum of £360,000 (£40.9 million as of 2019).On 17 August, Hooley formed Trafford Park Estates Ltd, transferring his ownership of the park to the new company – of which he was the chairman and a significant shareholder – at a substantial profit. The initial plans for the estate included a racetrack, exclusive housing and a cycle works, along with the development of the ship canal frontage for "all types of trade including timber". By that time the ship canal had been open for two years, but the predicted traffic had yet to materialise. Hooley met with Marshall Stevens, the general manager of the Ship Canal Company, and both men recognised the benefit that the industrial development of Trafford Park could offer to the ship canal, and the ship canal to the estate. In January 1897 Stevens became the managing director of Trafford Park Estates. He remained with the company, latterly as its joint chairman and managing director, until 1930. The company initially chose not to construct buildings for letting, and instead leased land for development. But by the end of June 1897 less than one per cent of the park had been leased, and so the park's existing assets were put to use until more tenants could be found. Trafford Hall was opened as a hotel in 1899, to serve prospective industrialists considering a move to the park, along with their key employees. It had 40 bedrooms, available to "Gentlemen only". The hall's stables and some other outbuildings were used for stock auctions and the sale of horses, from 1900 to 1902, and the ornamental lake was leased to...
Answer:
Trafford Park