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Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Fri Apr 22, 2011 8:19 pm
by E_
http://www.wkyt.com/wymtnews/headlines/ ... 08699.html
Lake Cumberland marina sold for just over $2 million
The winning bidder knows all about running marinas on Lake Cumberland.
Reporter: Phil Pendleton
Email Address:
phil.pendleton@wkyt.com
Selling off a massive piece of floating real estate…was done today in the bank ordered auction of the Cave Springs Marina on Lake Cumberland. The bidding began at just over $1 million, and it ended at more than $2 million, for property including the marina and several other nearby locations.
"We’re with state dock, we own the state dock, we have 98% occupancy. I think the existing marina has closer to 40%, we’d like to grow that quite a bit,” said Michael Bernard, who had the winning bid of $2.7 million, which included the marina and several other pieces of property.
Ford Brothers auctioned off the marina, a nearby mobile home park, cabins, and some storage buildings.
The value placed on the marina is just over $2 million, but a banking official said that it would have gone much higher had it sold on the open market.
The previous owner, Ed Slusser, ran into financial problems after he re-located the marina from shallow waters caused when the U.S. Army Corps of Engineers significantly lowered the lake. The Corps said they needed to lower the lake to take pressure off the leaking Wolf Creek Dam. Slusser blamed the federal government for not helping him recoup lossses in relocating the marina.
Slusser renamed the marina, Cave Springs, after he moved it 5 miles up the Wolf Creek section of the lake. Getting there by land requires a myriad of twists, turns and switchbacks on narrow roads.
“That is a challenge, not the greatest location, but once you get there, it’s one of the most beautiful parts of the lake,” said Bernard.
Conditions of the sale will require Bernard to install sewer lines and make some pavement improvements.
Bernard says he plans to keep the marina in its current location, and not move it back to the Alligator One location when the Corps raises the lake back up when the dam repair work is finished in 2013
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Fri Apr 22, 2011 10:53 pm
by E_
Ok, so I just saw the story on Fox 56 and saw Michael Bernard with Bill Jasper in the background. Apparently he is one of the investors for State Dock.
I have attached a low quality video of part of the story on fox 56 tonight.
(you have to have quicktime to view the vid properly)
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Sat Apr 23, 2011 2:45 pm
by re3too
It was my understanding that Bernard was always the main money at SD but I could be wrong....
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Sat Apr 23, 2011 3:23 pm
by FasterThanYou
If I'm not mistaken he's an officer at State Dock and owns Thoroughbred Houseboats amongst other ventures too.
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Sat Apr 23, 2011 9:52 pm
by E_
I went over and checked out the customer forum and there was no chatter there except for a post from last Sept. that someone had heard a rumor that something like this was happening...
http://www.cavespringsmarina.com/phpbb3/index.php
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Sun Apr 24, 2011 7:38 pm
by E_
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Tue Apr 26, 2011 9:46 am
by rockinrod7
FasterThanYou wrote:If I'm not mistaken he's an officer at State Dock and owns Thoroughbred Houseboats amongst other ventures too.
At one time weren't they both(Bill and Mr. Bernard) also partners in Stardust? And what is there now? Haven't been down there in a while but is Stardust still open?
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Tue Apr 26, 2011 11:59 am
by raptorlvr
Bill Jasper and Mike Bernard are two of four investors/owners of State Dock. Mike Bernard owns Thoroughbred houseboats. Bill Jasper and one of the other State Dock investors own Stardust Cruisers which is still in business and doing just fine. I hope this helps clarify the muddy waters...
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Tue Apr 26, 2011 1:50 pm
by E_
Thanks Raptorlvr, about time you stopped in to say hi!
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Tue Apr 26, 2011 7:50 pm
by raptorlvr
I'm more of a lurker than a poster but am always glad to interject and clarify where and when needed. Rod never seems to get it right...does he....
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Wed Apr 27, 2011 11:03 am
by FasterThanYou
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Wed Apr 27, 2011 3:00 pm
by re3too
Re: Cave Springs Auction SOLD!!!!!!!!! To Michael Bernard
Posted: Tue May 22, 2012 12:50 pm
by E_
Wow, not long ago we were talking about Wolf Creek/Cave Springs. Now rumors about State Dock?
