The heart of Fire Island Pine's commercial district faces an uncertain future as it heads to the auction block.

According to The New York Times, roughly 80 percent of the commercial space in the gay mecca is owned by three investors, Andrew Kirtzman, Seth Weissman and Matthew Blesso, who bought the property five years ago for $17 million with dreams of transforming the 650-home community.

But a devastating fire in 2011 and a drop in attendance have forced the investors to sell. The opening bid for an auction scheduled for Thursday is $8.5 million.

“I think we had a pretty remarkable run, given everything that happened,” Kirtzman told the Times. “Like a share house, I hope we left it better than we got it.”

Eric von Kuersteiner, who sold the properties to Kirtzman's FIP Ventures, purchased the properties in 2003 for $7 million and is said to be interested in buying back the businesses.

After the fire, FIP Ventures rebuilt the Pavilion club, but despite the celebrated design it never caught on.

“A lot of people just realized it wasn't the only place in town,” Bobby Bonnanno, president of the Fire Island Pines Historical Society, told the Times.

UPDATE: The property sold at auction for $10.1 million to Ian Reisner, the Times reported. Reisner also owns the Out NYC, a hotel in Manhattan geared toward the LGBT community.