The Real Deal Miami

Foreclosed Delray marina changes hands for a 3rd time

The yacht club has been in and out of foreclosure since 2009
September 04, 2013 10:58AM

Yacht Club at Delray Beach

Yacht Club at Delray Beach

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