Kentucky marina sold at auction - Trade Only Today

Kentucky marina sold at auction

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Cave Springs Marina, on Kentucky's Lake Cumberland, was recently sold at auction for more than $2 million.

"We're with state dock, we own the state dock, we have 98 percent occupancy. I think the existing marina has closer to 40 percent. We'd like to grow that quite a bit," Michael Bernard, who had the winning bid of $2.7 million, told WYMT-TV.

The price included the marina and several other pieces of property.

The previous owner, Ed Slusser, ran into financial problems after he relocated the marina from shallow water caused when the Army Corps of Engineers significantly lowered the lake, according to the TV station.

The agency said it needed to lower the lake to take pressure off the leaking Wolf Creek Dam. Slusser blamed the federal government for not helping him recoup losses in relocating the marina.

Bernard says he plans to keep the marina in its current location and not move it back to the Alligator One location when the Corps raises the lake after the dam repair work is finished in 2013.

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