
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, March 26, 1991                   TAG: 9103260131
SECTION: BUSINESS                    PAGE: A3   EDITION: METRO 
SOURCE: 
DATELINE: MONETA                                LENGTH: Short

FORECLOSURE SALE SET ON K.I.P. YACHT CLUB

A West Virginia bank has scheduled a foreclosure sale of K.I.P. Yacht Club, formerly known as Beacon Light Marina, at Smith Mountain Lake.

The auction, set for April 4 on the front steps of the Bedford County Courthouse, is the second in less than a year at the marina, where a controversial time-share company operated from 1987 to 1990.

More than 130 people lost investments in houseboat time-shares sold by a company controlled by Dwight L. Dean, John Meteney, David "Red" Dean and James Deyerle.

Last May, First Community Bank of Princeton, W.Va., foreclosed on a $625,000 loan secured by the marina property.

The property later was sold to Kip Tolley, a Lynchburg native who changed the name to K.I.P. Yacht Club. Tolley defaulted on a loan to First Community Bank, according to a legal notice of the foreclosure sale. Tolley could not be reached for comment Monday. - Staff report

by CNB