North Carolina marina assets to be sold at auction

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Thirty-five slips at the Shallowbag Bay Club Marina in Manteo, N.C., will hit the auction block and be offered individually, by high bidder's choice.

The slips — 60, 50, 40 or 25 feet — will sell regardless of price at an auction at 4 p.m. Oct. 7.

The Ship's Store operation will be offered at a separate auction on the same day at 4:30 p.m. The auction includes the gas and diesel fuel distribution pumps, a retail store, the harbormaster's office and a communications tower.

This is not the first time the auction house Tranzon Fox has auctioned these boat slips. The marina operation, including more than 60 unsold boat slips, went on the block in October 2005. It was sold for $2.3 million to the Vinings Group of Atlanta and Philadelphia, which, at the time, owned other marinas on the East Coast.

The economic downturn hit, and the first auction buyers defaulted. This time, the lender hired Tranzon to sell the assets piecemeal to individual buyers rather than as a whole, giving Outer Banks fishermen and boaters the opportunity to name their price for the slips.

Shallowbag Bay Club consists of waterfront condominiums and boat slips on the Roanoke Sound. Condo and boat slip owners have full use of the swimming pool, exercise room, clubhouse and showers, and a restaurant is on the site.

For details about the auction, go to http://www.tranzon.com/ and search for Shallowbag or call Linda Terry at (804) 354-9090 or contact her at lterry@tranzon.com.

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