A large waterfront parcel in Port Covington sold for $2 million at foreclosure auction Thursday to an investor who declined to identify himself.
The site contains 5.2 acres of land and about five additional acres on two piers that jut into Winan's Cove. It is assessed for tax pursposes at $521,000.
The site's previous owner, Struever Bros. Eccles & Rouse, defaulted on a multimillion-dollar mortgage, resulting in the trustee-ordered sale. The now-defunct developer owed more than $10.7 million for the land in South Baltimore off East Cromwell Street.
The purchaser has no immediate plans to develop the property, according to the auctioneer.
Although zoned for industrial use, the site also could be developed for a mix of residential and commercial uses. It is between the Port Covington Shopping Center and the Tidewater Yacht Service Center.
Two qualified parties bid on the property, which was auctioned by Max Spann Real Estate & Auction Co., a New Jersey-based firm. A third party attempted to bid but was ineligible.
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