Real Estate

Bank “Wins” Yacht Haven Auction

200907yachthaven-1Northern Bank & Trust, holder of the mortgage, was revealed as the winner of last week’s auction for Yacht Haven, the bankrupt property off Commercial Wharf. The bank’s winning bid was $8 million, well above the $5 million level that most of the other bidders dropped out.

The bank holds a $10.1 million mortgage on the property after the default of Yovette Mumford. By taking the property, the bank is likely to attempt another sale in the future.

Relevant posts:
Yacht Haven Goes For $8 Million at Auction

Yacht Haven Auction Set For August 14