Real Estate

Yacht Haven Auction Set For August 14

Boston Yacht Haven, the marina property on Commercial Wharf, is set to go to auction on August 14th. The last auction date in April was postponed because of an ongoing dispute between the owner, lenders and abutters. Through the subsequent bankruptcy filing , owner Yovette Mumford lost control to Northern Bank & Trust that owns the $10.1 million mortgage.

Boston Yacht Haven - 87 Commercial Wharf
Boston Yacht Haven – 87 Commercial Wharf

According to a Banker & Tradesman article, the auction and ultimate bankruptcy filing complicated by the owner’s desire to develop the property into a hotel or condos, rather than simply a marina.

Mumford bought the marina in 2005 for $11.7 million, but fell behind in mortgage payments while in Framingham state prison for felony fraud charges.

Finally in June, the bankruptcy judge ordered the liquidation that has led to the August 14th auction date.