MENTOR -- One of the most recognizable vacant properties on the Lake Erie shore had been sitting on a U.S. Government auction block until today. The General Services Administration announced that the Mentor Headlands Lighthouse has been purchased by Mentor business magnate Jerome T. Osborne.

In Painesville, on the rocky shores of the Mentor Headlands, the old lighthouse has been guiding fishermen and freighters safely off Lake Erie for generations.

Listed on the National Register of Historic Places, local historical societies just didn't have the cash needed to save the dilapidated lighthouse.

Resident Gerald Photo has admired the lighthouse since he was a child.

Looking up at the tower, he said, "It's beautiful. It's the Eiffel Tower in Lake County."

From the slender circular staircase to the lighthouse lamp, the building just needed too much work and too much money to return to its former glory.

But when 87-year-old Mentor construction magnate Jerome Osborne found out that bidders from out-of-state had been making inquiries, he decided to answer the call for help.

The GSA disclosed that in the last four days, a bidding war erupted for the historic building. Thursday, Osborne was declared the winner with a bid of $77,000.

Bill Mackley, Secretary/Treasurer for the Osborne Company, said that his boss didn't want publicity.

"Mr. Osborne has been quietly helping with public projects for years," said Mackley. "He just continues to do it. Right here is a good example."

At the Lake County Visitors Bureau, Bob Ulas was delighted that this icon on the shores of Lake Erie would be here for generations.

"This lighthouse is more than just romantic and part of our seafaring history," said Ulas. "It's become a real symbol of escapism and that's why its so important that it's been retained by Mr. Osborne."

On the sandy beach at the Mentor Headlands Park, word quickly spread that the lighthouse had been saved.

Phillip Deleon, walking with Stephanie Marchak, said, "Let's face it. Cleveland doesn't have that many beautiful landmarks."

Deleon added, "And with the history behind this lighthouse, that building needs to stay."

Park visitor Tom Fyfe agreed, saying, "Mr. Osborne is the dude. He buys up a lot of historic stuff and leaves it right where it's at. He's a good man."

So even in this digital age of GPS navigation, the old beacon atop the Mentor Headlands Lighthouse will remain lit for years to come.