The future of the historic Merrill-Stevens boat yard, which has been repairing the yachts of celebrities and tycoons in Miami since 1923, is uncertain after Coconut Grove Bank successfully bid for the facility Thursday at a foreclosure auction.
The bank bid $5,600 for the property along the Miami River. It was awarded an $11.02 million foreclosure judgment by Miami-Dade Circuit Judge John Schlesinger on Dec. 15. The bank outbid two unidentified investors during the three-minute auction.
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