Northern 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.
Yacht Haven Goes For $8 Million at Auction