The Real Deal Miami

Delray Beach marina changes hands again

IberiaBank finds buyer for Morgan Yacht Club

December 06, 2013 12:45PM

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Morgan Yacht Club in Delray Beach

Morgan Yacht Club in Delray Beach

IberiaBank has found a buyer for the Morgan Yacht Club in Delray Beach.

The Lafayette, La.-based bank sold the property to Seagate Marina and Seagate Yacht Club for $7.3 million, according to the Associated Press, which cited a report from New Orleans CityBusiness. IberiaBank took title to the 3.25-acre marina and 9,845-square-foot clubhouse in September after filing a foreclosure lawsuit against previous owners Morgan Yacht Club of Del Ray in July over a $17.5 million loan. Morgan also acquired the yacht club out of foreclosure in 2010.

The yacht club includes 44 boat slips that can accommodate vessels as long as 130 feet. [AP]Eric Kalis

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