I think closing it down would be a horrible waste, should just keep controlling interest in it and turn it over. If they do not run it up to par you can take it back over plain and simple. At least this way you have a chance to recoup your money instead of just kissing it good bye.
They lose money every month on it, closing down would be a sensible thing to do. More sensible would be to sell cheaper. Its better to get something than nothing.
And yes, the software etc is all worth more than the opening bid. Except that your buying a business, not a custom script. Thus you sell at what the business is worth, not what you paid for it