![IberiaBank Finds Buyer For Florida Marina](http://townsquare.media/site/36/files/2013/10/Money-19-iStock.jpg?w=980&q=75)
IberiaBank Finds Buyer For Florida Marina
NEW ORLEANS (AP) — Lafayette-based IberiaBank was shouldered with problem real estate loans when it entered the Florida market, and it shed a high-profile portion of the debt in a recent real estate sale.
New Orleans CityBusiness reports the bank seized the Morgan Yacht Club in Delray Beach in September after filing a foreclosure lawsuit in July against the owners. It obtained title to the 3.25-acre marina and 9,845-square-foot clubhouse in return for forgiving a $17.5 million loan.
Records show the property was sold in November for $7.28 million — a 58 percent discount from the foreclosed mortgage value — to Seagate Marina and Seagate Yacht Club, both also based in Delray Beach.
More From News Talk 96.5 KPEL
![Joey Durel Discusses Being Named Business Development Officer For IBERIABANK (Audio)](http://townsquare.media/site/36/files/2016/05/Joey-Durel-photo-from-IBERIABANK-e1464038893519.jpg?w=980&q=75)
![Iberia Bank Robbed Today; Suspect Being Sought](http://townsquare.media/site/36/files/2015/01/Robbery-Suspect-Photos-Courtesy-of-KATC1.jpg?w=980&q=75)
![IBERIABANK, Teche Federal Bank To Merge](http://townsquare.media/site/36/files/2014/01/Iberia-Teche-merger.jpg?w=980&q=75)
![Lafayette Police Seek Public’s Help in Identifying iPad Theft Suspect](http://townsquare.media/site/36/files/2024/07/attachment-Untitled-design-2024-07-15T194605.280.jpg?w=980&q=75)
![Alleged Donald Trump Shooter Spotted Nearly 30 Minutes Before Shots Fired](http://townsquare.media/site/36/files/2024/07/attachment-GettyImages-2161431349.jpg?w=980&q=75)
![WATCH: Would This Viral ‘Texas Gumbo’ Pass a South Louisiana Inspection?](http://townsquare.media/site/36/files/2023/12/attachment-Texas-Gumbo-Pepper-Belly-Pete.jpg?w=980&q=75)
![Breaux Bridge Man Drowns After Car Plunges into Pond](http://townsquare.media/site/36/files/2024/07/attachment-Untitled-design-16-copy.jpg?w=980&q=75)
![Donald Trump Has Made His Vice Presidential Pick](http://townsquare.media/site/36/files/2024/07/attachment-GettyImages-2159730000.jpg?w=980&q=75)
![CHECK IT OUT: You Can Rent This Awesome Tower in New Iberia, Louisiana](http://townsquare.media/site/36/files/2024/07/attachment-new-iberia-airbnb-2.jpg?w=980&q=75)