Boston's Yacht Haven Up For Auction
A piece of prime Boston real estate is up for auction next week. The Boston Yacht Haven is located on Boston's waterfront and offers around 4.75 acres of land and tideland. The site which has boatslips and a 15,000 square foot boathouse was scheduled for a foreclosure auction back in April but the sale was canceled when the owner MGM Commercial Wharf LLC, declared bankruptcy.
Paul E. Saperstein, the Holbrook auctioneer who will auction off the property on August 14 told the Boston Herald that there was a lot of interest in the property and that it could go for anywhere from $6 to $9 million or even more. The bankruptcy trustee says the primary lender, Northern Bank & Trust, is owed about $11 million. Yovette Mumford, the principal of MGM, pleaded guilty in Middlesex Superior Court to forgery charges last year and spent three months in jail. Her company bought the property for $10.7 million in 2005 and has been running it as a marina/bed and breakfast complex but was unable to meet the mortgage payments. A deposit of $250,000 by certified or bank check will be required at the time of the sale with a 30-day close.
UPDATE: It sold for $8 million which is less than what creditors were owed.
