Florida marina sold at foreclosure auction - Trade Only Today

Florida marina sold at foreclosure auction

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The Paradise Marina in Sebastian, Fla., sold at a foreclosure auction Monday for $100 and is now in the hands of its original creditor.

Potter Enterprises Partnership, owned by Terry Potter of Boise, Idaho, now owns the property. The total foreclosure judgment was more than $570,000, according to court records, TCPalm.com reports.

"I live in Boise, so I'll have to come to Florida to work something out," Potter said. "I need the marina to keep generating income, and I am not going to let it deteriorate any further.

"The final foreclosure judgment was in November or December of last year, so [former owner Damien Gilliams has] known this has been coming for a long time," Potter added. "Every time I've tried to help him, it's backfired. Now I am out two years of interest, I am liable for back taxes and I am liable for the submerged land lease."

According to court records, Gilliams agreed to settle with Potter for $553,000 in July 2008, but later defaulted.

Gilliams also owns two other area marinas.

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