Monday, August 18, 2008

Nova Scotia Campground up for forclosure auction

The Nova Scotia Business Journal
FIVE ISLANDS — A picturesque Five Islands campground is to be sold at auction after being placed in bankruptcy earlier this year. The Sand Point Beach Campground is being sold through auction later this month by the Federal Business Development Bank (FBDB) of Canada, which now holds the mortgage.

“It used to be a really nice campground,” said Bobbie Lattie, a Five Islands resident and summer employee at the Cobequid Interpretive Centre in Central Economy. “It had one of the nicest views (of the Minas Basin).”

The property was mortgaged for $200,000 through the FBDB in 2004. The previous owners defaulted on the loan in May with $186,727 still owing according to figures published by the news website Officials with the FBDB were not available on Friday.

Affected by some of the highest tides in the world, the campground is losing an average of 4.5 metres (15 ft.) to six metres (20 ft.) of shoreline per year to erosion. Tim Gallant, co-owner of the Five Islands Ocean Resort campground, said six metres of frontage was lost last year and he estimates it will take $100,000 to $150,000 to properly restore the site for long-term viability. “That’s a lot of erosion.”

But, if purchased at the right price of about $50,000, Gallant believes the campground could still make a sound investment for someone wanting to get into the business. “There’s a whole lot of work to be done,” he said, adding: “They could make a go of it, yeah.”
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