The “Boston Yacht Haven” yacht club on Boston’s Commercial Wharf has just been forced to file for Chapter 7 liquidation of it’s assets. The owner, Yovette Mumford, narrowly avoided a foreclosure auction in April by filing for Chapter 11 Bankruptcy protection. The Boston Yacht Haven was purchased in 2005 for $11.7 million and has a reported $10.1 million mortgage on it from Northern Bank & Trust.
Yovette Mumford said the original idea behind the purchase was to convert the yacht club into either a boutique hotel or luxury condos. Given the spectacular location, perhaps one of the best on Boston’s Waterfront, both ideas would probably have been a tremendous success. However, the Boston Yacht Haven’s closest neighbors at the Commercial Wharf condos have put a stop to any projects leaving Mumford operating a business she never seemed to intend to run.
Picture and Source: Banker & Tradesman
My Thoughts: I’d love to see someone pick this up and turn it into something like Mumford had imagined but, to be honest, I don’t see it happening anytime soon. Given the current economic climate along with the fact that developing on the waterfront is difficult enough even with support of the neighbors (which I doubt this project would ever gain) this will probably remain a yacht club for years to come.
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[...] Boston Yacht Haven on Boston’s Waterfront is being forced into chapter 7 bankruptcy liquidation. The Yacht club was originally planned to be developed into luxury condos. [...]…