Portland developer submits winning bid for working waterfront wharf
Courtesy / Tranzon Auction House
A fishing wharf in Garrison's Cove on Bailey Island in Harpswell that was sold in a foreclosure auction Tuesday to a Portland real estate developer. The sale is subject to court approval.
A Portland real estate developer submitted the winning $510,000 bid in a bankruptcy auction April 25 to purchase a fishing wharf in Garrison’s Cove on Bailey Island in Harpswell. The sale is subject to court approval.
The Bangor Daily News reported that Arthur Girard, who owns AMG Holdings, was the final bidder after Girard and Nick Charboneau, who own Cook’s Lobster and Ale House that’s adjacent to the wharf, dropped out when Girard made a higher offer that was then accepted as the winning bid by auctioneer Michael Carey of Tranzon Auction House.
The Charboneaus purchased the 5,320-square-foot restaurant, just over the Cribstone Bridge on Bailey Island, for $1.25 million in a deal that closed June 30, 2015, and was brokered by John Doyon of Malone Commercial Brokers.
The property is located on the eastern edge of Casco Bay and has historically served as a working waterfront for Harpswell lobstermen. It included 9,000 square feet of decked area, an insulated and cooled bait shed, a tank room and office, 420 feet of shore frontage, multiple floats and ramps and other equipment, according to Tranzon’s pre-auction listing. It is zoned for “marine-related” businesses.
Girard told the newspaper he did not have any immediate plans for the wharf.
Previous owner Norman Parent told the newspaper he hoped it would be maintained as a working waterfront.
After the auction, auctioneer Carey told Mainebiz he was unable to discuss the details of the outcome until the sale receives court approval.
“It’s under contract, but the sale is still subject to court approval,” Carey said. “As far as I know, the high bidder has every intent to continue its current use for the foreseeable future. We don’t know that they have alternative plans for it. They’re a local real estate owner and investor based out of Portland. They have a connection to the lobster industry, but I don’t know how deep those roots go. Because it was a trustee-ordered sale, a variety of calculations factored into it, which is why we have to go back for court approval. I believe it will be approved.”
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