The owner of the Yacht Club at Delray Beach has turned the property over to its lender one month after being slapped with a foreclosure suit.
The owner of the marina, Pittsford, N.Y.-based Morgan Yacht Club of Del Ray LLC, transferred ownership Aug. 23 to OB Florida CRE Holdings LLC, according to Palm Beach County records.
The $17.48 million transaction was recorded Thursday, Daily Business Review reported.
Iberiabank, the manager of OB Florida, filed a foreclosure action against Morgan July 22. Morgan had acquired the 3.25-acre marina in a September 2010 foreclosure auction after purchasing the debt from Orion Bank. The chain of foreclosures began with prior owner Yacht Club at Delray Beach, which was hit with a foreclosure lawsuit in June 2009.
The yacht club site includes 44 boat slips, a nearly 9,900-square-foot clubhouse, Olympic-sized swimming pool and tiki bar, according to the Review. [Daily Business Review] — Emily Schmall