The Toledo Yacht Club is scheduled for a sheriff’s sale after defaulting on its loan, according to Lucas County court records.
TOLEDO, Ohio - The Toledo Yacht Club is scheduled for a sheriff’s sale after defaulting on its loan, according to Lucas County court records.
The club defaulted on its loan with a remaining balance of more than $260,000 in 2023, which led to the bank filing a motion in Common Pleas Court. The property is valued at $400,000. The yacht club still has time to prevent the auction, but would need to act quickly.
“I would say, for a majority, once the wheels start going, that’s kind of the process that takes place. Sometimes the lender will pay a certain amount or sometimes the lender will give an extended amount of time, but usually they want the full amount paid off,” said Lieutenant Gary Condon of the Lucas County Sheriff’s Office.
“It’s rare to see kind of a commercial business, if you will, with this yacht club or a big strip mall. Those generate a lot of buzz and can go for higher amounts,” Lt. Condon said. Members of the yacht club said they have not heard from management about what would happen to their memberships and dock fees in the event of a sale.
One member said he reached out to a member on the board and was told things were trending in the right direction to prevent the sale.asking for donations to help resolve the outstanding debt and help fund urgent repairs to the decades-old club, including roof, dock and structural improvements.
Sheriff's Sale Lucas County Toledo Yacht Club Foreclosure Toledo Yacht Club Sale Toledo Yacht Club Sheriffs Sale
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