SOLD - Chapter 11 Bankruptcy Auction – Duck Neck Campground

SOLD - Chapter 11 Bankruptcy Auction – Duck Neck Campground, 500 Double Creek Road, Chestertown, Maryland 21620 – Initial Bids Due October 5, 2017 and final auction held October 17, 2017 at 11:00am EST – Income Producing Duck Neck Campground is a 353-site recreational vehicle park located along the Chester River in Queen Anne’s County, Maryland. Up stream approximately 5 miles from Historic Chestertown, Maryland, the campground is situated on 89 acres of beautiful, riverfront property generated $985,962 in gross income in 2016 and is on track to continue it’s strong income in 2017. The Resort has several hundred feet of frontage on the Chester River and in excess of a half mile on Rabbit Creek, a tributary of the Chester River.

  •   Sep 5 @ 11:00AM EDT (Begins)
  •   Oct 17 @ 11:00AM EDT (Ends)
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    SOLD - Chapter 11 Bankruptcy Auction – Duck Neck Campground, 500 Double Creek Road, Chestertown, Maryland  21620 – Initial Bids Due October 5, 2017 and final auction held October 17, 2017 at 11:00am EST – Income Producing Duck Neck Campground is a 353-site recreational vehicle park located along the Chester River in Queen Anne’s County, Maryland.  Up stream approximately 5 miles from Historic Chestertown, Maryland, the campground is situated on 89 acres of beautiful, riverfront property generated $985,962 in gross income in 2016 and is on track to continue it’s strong income in 2017.  The Resort has several hundred feet of frontage on the Chester River and in excess of a half mile on Rabbit Creek, a tributary of the Chester River. 

    INSPECTION:  This property will be available for inspection on Wednesday, September 27, 2017 from 10:00am to 1:00pm.  Please plan on stopping by to learn more about the auction and to inspect the property.  Appointments are requested.  Please contact Stephanie Young at stephanie@realtymarkets.com to let her know when you plan on stopping by. 

     

    Of the 353 sites, 322 are seasonal with approximately 300 sites having 30 AMP service and the remaining sites with 20 AMP service.  There are 31 transient sites, 11 of which offer 50 AMP service.  The remaining transient sites can be upgraded to the 50 AMP service.  The owner has purchased the pedestals to convert them.    

    According to a third party report, the campsites are a mixture of single and double-wide lots to accommodate various sizes of recreational vehicles (RVs).  All RV sites have water, sewer and electrical hook-ups.  Additional sites are designated for tents.  There are seven permanent structures, which include the Store/Camp Office, two bath houses, two single-family residences, a maintenance shop, and an open air pavilion.  Amenities include an in-ground pool, a playground, a boat ramp/launch, a pier with boat slips, and a laundry room with coin-operated washers and dryers. 

    The sanitary sewage disposal is handled by 33 septic systems, each including a holding tank and a tile drain field, serving the permanent structures and/or several RV campsites.  Water is provided by nine (9) wells.

    We are offering this property pursuant to the Bidding Procedures approved by the Bankruptcy Court, District of Maryland, In Re: Duck Neck Campground, L.L.C., Case No. 15-15973-TJC and In Re: WBR Investment Corporation, Case No. 15-15982-TJC.   A stalking horse contract of $5,700,000 is pending on the property, subject to higher and better bids pursuant to the Bidding Procedures.  Please refer to the Bidding Procedures for details on how to submit a Qualified Bid.  The minimum initial Qualified Bid is $5,900,000.   Please note that since this property is being sold pursuant to a confirmed Chapter 11 Plan meaning this transaction is exempt from transfer taxes and recordation fees at closing.

    Key Dates for the Auction and Sales Process are:

    • October 5, 2017 by 10:00 p.m. EST – Due date for Bids to purchase the property (“Bid Deadline”);
    • October 13, 2017 – Debtors will circulate list of Qualified Bidders and the contract submitted by the Qualified Bidder with the then-highest bid;
    • October 17, 2017 at 11:00 a.m. EST – Auction held at Tydings & Rosenberg LLP

    To obtain access to the available due diligence information, please complete and return the approved Confidentiality Agreement and Non-Reliance Agreement.   A 2% buyer broker commission offered, payable at closing.  For more information about the property, the auction process or to schedule a showing, please contact Stephen Karbelk, CEO, Auction Markets, LLC at 571-481-1037 and stephen@auctionmarkets.com or Diana Whitney, Broker of Record, Whitney-Wallace Commercial Real Estate Services, LLC at 410-726-7886 and diana@whitney-wallace.com.  Do NOT show up unannounced at the property!  You must schedule an appointment to preview the property.

    Please refer to the ORDER GRANTING UNOPPOSED MOTION FOR AN ORDER (A) ESTABLISHING BIDDING PROCEDURES IN CONNECTION WITH THE SALE OF CERTAIN REAL PROPERTY FREE AND CLEAR OF ALL LIENS, CLAIMS, ENCUMBRANCES AND OTHER INTERESTS; (B) CONFIRMING PLAN APPROVAL OF SALE AND ASSUMPTION AND ASSIGNMENT OF CERTAIN EXECUTORY CONTRACTS AND UNEXPIRED LEASES IN CONNECTION THEREWITH; AND (C) GRANTING RELATED RELIEF, entered by the US Bankruptcy Court, District of Maryland on August 31, 2017 In Re: Duck Neck Campground, L.L.C., Case No. 15-15973-TJC and In Re: WBR Investment Corporation, Case No. 15-15982-TJC