Skip to main content

North Carolina marina enters foreclosure

The only marina on Topsail Island, a 26-mile barrier island off the coast of North Carolina, is being foreclosed.

The Beach House Marina has served as a major commercial hub for Surf City, N.C., since 2001, according to a Jacksonville, N.C.-based newspaper.

Wells Fargo plans to shut the marina, forcing out families and businesses, The Daily News reported Tuesday.

The closing is not expected to immediately affect the dry slips at the site. The closing is a blow to the already beleaguered area, which has been hit hard by drops in tourism and the struggling housing market, area business owners said.

During the property’s recent foreclosure auction, Wells Fargo purchased the commercially zoned land for $2.6 million.

The marina was built by a limited liability corporation, with Mark Yow as developer.

In February 2011, Beach House Marina, Surf City Investments and Yow’s Motel Investment merged into a single corporation with a total debt to Wells Fargo of $4 million, with Mark Yow owning 50 percent and other partners owing the rest, according to records filed with U.S. Bankruptcy Court in Wilmington, N.C. The day the corporation formed it filed for Chapter 11 bankruptcy protection and later defaulted by failing to make payments, court records say.

Surf City Mayor Zander Guy said the bank is removing the area’s biggest attraction, which not only provided a home to families and a mooring point for charter businesses, but also was the only place on Topsail Island for boats to get fuel.

“I’m concerned that it’s taking tourism revenue out of Surf City,” Guy said.

Click here for the full report.

Related

1_TRAVELIFT.COOP

Marine Travelift Launches Co-op Program

The company received its first student, a University of Wisconsin engineering major, in the seven-month paid co-op.

1_JULY4

Trade Only Today Returns Tuesday

The e-newsletter will not publish July 4 in observance of Independence Day. We wish everyone a safe holiday weekend.

1_ORR.FUNDS

ORR Announces Federally Funded Projects

The U.S. Economic Development Administration prioritized outdoor recreation for the first time

Norm#4

Ten Ways To Sell in a Tough Economy

These keys to successful selling can help you create customers who keep coming back, even when sales dip

1_ASA.BOARD

ASA Names New Board Members

The American Sportfishing Association filled two at-large seats and two regional seats on its board of directors.

1_EXEC.SEARCH

Dammrich, Hopkinson Partner With Marine Resources Recruitment

The industry veterans will help clients fill executive-suite, marine industry job openings around the world.

1_PULSE.PING.0630

DEALERS: How Was Business in the First Half of 2022?

With the second quarter coming to a close, was there parity between the budget and financial performance in the first six months? Take the Pulse Report survey here.

1_PMMPODCAST

Passagemaker Relaunches Podcast

Trawler Talk aims to connect with those who are interested in the cruising lifestyle, with episodes dropping every other week