Eaton Ferry auctioned off for $2.7 million

Richard Courser, of Littleton and owner of Stonehouse Timber Lodge, placed the high bid during the Sept. 5 auction.

The auction, held on the courthouse steps in Warrenton, drew nearly 60 people, but just four bidders.

Attorney William O. White Jr., of Wellman, White & Wilson, LLP, of Roanoke Rapids, conducted the auction at the behest of the U.S. Bankruptcy court.

The Chapter 11 Bankruptcy proceeding is part of a petition filed in court in January 2006 on behalf of Eaton Ferry Sales and Service, Duane White Land Co. and Ronald Duane White.

According to William White, no relation to Duane White, the land and buildings there had two liens placed on them, one to BB&T for $465,000 and one for $1.4 million to Wachovia.

After nearly two minutes of silence after White opened the bidding, Courser opened the bidding at $500,000. That was almost immediately topped by a $1 million offer from an unidentified bidder in the crowd, then a representative of BB&T upped the ante to $2.4 million.

Courser responded with a $2.5 million bid which, after a pause, was topped by a $2.6 million bid from BB&T.

Courser responded with a $2.7 offer, no one counters, and he walked away as a tentative owner of the facility. Final ownership won’t be transferred until Sept. 17. William White said prior to that, anyone can file a higher bid, called an upset bid, with the court in Warrenton, provided such bid tops the $2.7 million offer by at least 5 percent.

If that happens, the attorney said a certified letter will be sent to all bidders, offer them a 10-day period to make a counter bid, provided that counter tops the upset bid by at least 5 percent.

After the auction, Courser explained matter-of-factly why he bid.

“I already have on marina, I might as well have two,” he said.

“I’ve been on the lake for ten years now, and I like it. We bought Stonehouse in 1997 and we enjoy it.”

Gaston Pointe Properties, which adjoins the Marina, is not part of the purchase, William White said.

After the auction, Courser said he’s not exactly certain what land and facilities will go with the marina.

“It’s hard to tell. Even now, it’s hard to know exactly what goes with it. it’s hard to know what you bought, what taxes are due, how much it will eventually cost. Whatever you think you’re paying, you can bet it will be more once all is said and done.”