One of the land marks of the Town of Essex, the Essex Island Marina, will be sold at auction on Tuesday, August 5. The auction will be held at the Essex Island Marina, which is located on its very own island, and which has the address of 11 Ferry Street in Essex. The auction will start at 11:00 a.m.
The Essex Island Marina will be sold at what is called an “Absolute Auction.” This means that the marina will be sold to the winning bidder, regardless of the price, as long as it is over $75,000.
A representative of JJ Manning, the company which is conducting the auction, was asked if this is not a dangerous strategy to open with such a low price. The representative said that in the long run, “having a low, opening price frequently attracts the highest sales price for the property.”
The Essex Island Marina’s property consists of 13.2 plus, acres on a private island on the Connecticut River. The site has 125 boat slips, a gas dock, a repair shop, a laundry, a swimming pool, a dog walk, and inside and outside boat storage facilities. There is also a restaurant on the site. In addition, the sale includes the boats used to take passengers to and from the island, and miscellaneous equipment and leases.
Property Tour on July 22
There will be a tour of the site for prospective bidders on Tuesday, July 22 from 11:00 a.m. to 2:00 p.m. Terms for the winning big include: payment of a 10% certified deposit of the winning bid, due within three business days of auction, and payment of the full price of the bid, 45 days after the close of the auction.
JJ Manning, conductor of the auction, bills itself as, “the leading professional auction marketing firm in the Northeast U.S.” The company is headquartered in Yarmouth Port, Massachusetts.
Marina Is Presently Family Owned
The present owner of the Essex Island Marina is Wallie Schieferdecker, who lives in Essex. Schieferdecker operates the marina with the assistance of his two daughters, Dawn and Kyle.
Paul Risseeu, the Director of the Pettipaug Sailing Academy in Essex, and who occasionally operates the ferry from the main land to the Essex Island Marina, says that the Essex Island Marina, “is a class operation.” Risseuw also observes that, “the yacht business has been tough lately, because people are moving to owning smaller boats.” Also, “it is part of the five year recession in the country,” he says.
Editor’s Note: Justin J. Manning, President of the Auctioneer Firm J.J. Manning, has provided the following clarification of the auction process: “The auction is Absolute, which means that it sells to the highest bidder, period. The $75,000 is merely the initial deposit made by the buyer on auction day, not the starting bid. This Marina appraised 14 years ago for $1.23 million and would likely appraise today for well over $2 million. The real estate tax appraisal in $1.53 million.”