The Real Deal Miami

Delray Beach marina changes hands again

IberiaBank finds buyer for Morgan Yacht Club
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