Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, May 3, 1990 TAG: 9005030449
SECTION: VIRGINIA PAGE: B-1 EDITION: BEDFORD/FRANKLIN
SOURCE: SANDRA BROWN KELLY and DAVID M. POOLE STAFF WRITERS
DATELINE: LENGTH: Medium
A West Virginia bank is foreclosing on a $625,000 note secured by the Beacon Light Marina property, on Virginia 853 in Bedford County. A public auction is scheduled for Tuesday.
It was unclear Wednesday whether terms of the auction would allow the time-share operation to lease marina space to dock its five 46-foot houseboats. If not, the time-share operation could have to find a new place to dock.
The situation is complicated by the fact that the marina property and the time-share operation are controlled by two separate corporations with several overlapping partners.
The marina property is owned by Tri-State Investors, controlled by Dwight L. Dean, John Meteney and James Deyerle. The time-share operation is owned by Dean, Meteney, Deyerle, David "Red" Dean and J.W. Burton.
Meteney, a spokesman for both companies, could not be reached for comment Wednesday. Richard L. Greenberg, a Roanoke attorney for Beacon Light, had no comment on next week's auction.
In an interview last month, Greenberg said he had advised his client to make sure time-share owners were protected, even if it meant "losing a lot of money" in the sale of the marina.
Time shares were sold for various amounts and numbers of years, but generally, the earlier buyers paid $8,500 for one week per year for 25 years aboard one of the boats.
Terms of the sale will be out of Beacon Light's hands by Tuesday, however, if it does not come up with a way to satisfy a first mortgage held by First Community Bank of Princeton, W.Va. The auction, which is to begin at 3 p.m. at the marina, will include equipment, machinery and store fixtures.
First Community Bank claims that Tri-State has been behind on payments since December, according to court papers.
The partners in Beacon Light are involved in other Smith Mountain Lake development ventures, including a land sales company that sold lots in subdivisions such as Lynville-on-the-Lake, Parkside Acres and Lakeshore Terrace.
One of the land sales companies, Real-Vest Inc., has been sued by several buyers over allegations of fraudulent sales practices and unfinished amenities.
Despite the uncertain future of the time-share operation, as recently as last month Beacon Light Marina was selling time shares through a Roanoke-based wholesale buying club.
by CNB