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Marina sold in auction

NEBO — Mountain Harbour Marina could soon have a new owner.

The marina, located at 9066 N . C . 126 in Nebo, was auctioned to the highest bidder on Monday at the Burke County Courthouse. The highest bid for the 4.45-acre “As Is” marina was for $1.05 million from JH Properties, according to Burke County Clerk of Courts officials. There doesn’t appear to be a filing for the company on the North Carolina Department of Secretary of State’s website.

The bid will remain open for 10 consecutive days in case there is an upset bid, said Burke County Clerk Mabel Lowman. If there is an upset bid within the 10 days, it will remain open for another 10 days, she said.

It ended up on the auction block due to a foreclosure on the Deed of Trust of Farr Enterprises, according to the notice of foreclosure sale.

According to filings with the North Carolina Department of the Secretary of State, Laura Aulgur is the president and registered agent of the corporation and John Aulgur is its secretary. The last filing from the corporation with the state was for 2015.

U.S. Bankruptcy Court documents say Farr Enterprises filed Chapter 11 in February 2010 but the filing was closed in October 2010 after a plan for payments over a five-year period was made. Farr Enterprises made all regular monthly payments until it came time to make a balloon payment, when foreclosure proceedings were initiated. A foreclosure sale date was set for July 5, 2016. A balloon payment of $295,842.31 was due to Reid and Patsy Scott, who held a promissory note and deed of trust, which was subordinate to a deed of trust to Morganton Federal Savings and Loan for $790,000, according to court documents.

Farr Enterprises, however, filed the current case of Chapter 11 on July 1, 2016 , to stop the sale and renegotiate the balloon payment, according to court documents.

The creditors are Morganton Federal Savings and Loan, Reid and Patsy Scott and the U.S. Small Business Administration, according to court records.

On May 11, Farr Enterprises filed its Chapter 11 plan, which included changing the terms of the balloon payment to Morganton Federal Savings and Loan for an additional 13 years at 6 percent interest; to adjust the balloon payment due to the Scotts for an additional 13 years at 5 percent interest; and to maintain monthly payments to the U.S. Small Business Administration on contract terms, according to court documents. The Scotts and Morganton Federal Savings rejected the plan.

The court prohibited Farr Enterprises from altering the plan of the first Chapter 11 with the second Chapter 11 filing, according to court documents. The court also dismissed Farr Enterprises’ case.

Sharon McBrayer is a staff writer and can be reached at smcbrayer@morganton.com or at 828-432-8946.

Article source: http://www.morganton.com/news/marina-sold-in-auction/article_c743ca30-5c50-11e7-a2e4-bff02add8346.html

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