By Peter Vankevich
The Silver Lake Motel & Inn and the former Jolly Roger Pub & Marina was sold at an auction on July 29 for $4.1 million to the ABC Family LCC, a property management company, located in Greenville.
The family business was founded by Rich Balot, according to Dewey Dunn, vice president of real estate and marketing at Country Boys Auction & Realty Inc., who coordinated and conducted the auction.
While some large investment firms showed initial interest, the property ultimately went to a regional, family-owned group, which may align better with community values and the island’s character, Dunn said.
Dunn was effusive with his praise for the Balot family saying the motel is going to a good home. He said they are regarded as reputable and experienced developers with a track record in hospitality renovations.
The Balots intend to do a full-scale overhaul of the hotel and suites bringing all-new infrastructure and amenities, Dunn said. They aim to restore the Jolly Roger located on a dock on Silver Lake harbor to its former charm.
Bidding went quickly, he said, going from $2.9 million to $3 million, $4 million, and eventually to the final accepted bid.
The sale included the original two-story motel building, the newer four-story Inn & Suites buildings, and support property on the inland side of Irvin Garrish Highway, as well as the waterfront property that was the former home of the Jolly Roger Pub & Marina, which is allowed to be rebuilt
The auction was held for the court-appointed receiver, attorney George M. Oliver, 405 Middle Street, New Bern, and was not a bankruptcy or foreclosure sale, according to the Country Boys Auction website. All known liens will be paid from the proceeds of the sale at closing.
The motel and inn are in full operation, conducting business as usual with the new interim management in place under direction of Oliver.
The settlement must be made by Sept. 12.
Previous reservations are still in place and honored as well as new reservations that are being made throughout this season.
I truly hope this property gets the attention it needs I think it’s been an eye sore for years. Great news!
It’s wonderful to see the business is staying with someone who will honor the integrity of the Inn and also bring back a great eating establishment, the Jolly Roger.
Wonderful news! Can’t wait for the results and to visit the Jolly Roger again. Best Wishes!
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