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. [more]