Machias Savings buys 450 acres
Machias Savings Bank purchased more than 450 acres of waterfront developable land in Cushing and Owls Head for $4 million at an auction Thursday.
The bank previously held the mortgage on the property and opted to auction it when the previous owner, developer Jim Tower, defaulted on the mortgage loan, according to VillageSoup. The bank was the only bidder on the property, which it now plans to auction off piecemeal on Sept. 25. The properties include a 57-lot residential community on the Meduncook River in Cushing known as Meduncook Bay Colony, and two planned subdivisions in Cushing and Owls head, neither of which has received town approval.
Tower bought the Cushing property in 2004 for $6.5 million and has faced opposition from residents concerned over damage to the river and a loss of the town's rural character. A civil lawsuit over an alleged shoreland zoning violation involving the town of Cushing and Tower is pending a judge's decision in Knox County Superior Court, according to VillageSoup.
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