NICE, Calif. – The sale of a county-owned marina property in Nice has fallen through.
The county had entered into a sales agreement for Holiday Harbor with Bay-Area based Bella Lago Development, but the deal didn't make it through the escrow, according to according to Deputy County Administrative Officer Josh Jones.
The Board of Supervisors in March approved selling Holiday Harbor, located at 3605 and 3655 Lakeshore Blvd. in Nice, for $1,200,100 to Bella Lago Development, which previously had purchased the 104-acre Robin Hill property on Lakeshore Boulevard in Lakeport in a tax default sale in 2014, as Lake County News has reported.
The county's former redevelopment agency had purchased the Holiday Harbor – which also includes 400 feet of lake frontage, docks, boat slips, a duplex and several buildings – for $2 million in June 2008.
Based on an appraisal and a broker's opinion, the sale price was set at $1.2 million. Only two bids had been opened at a late March meeting, with Bella Lago Development offering just $100 over that baseline amount.
Tim Vi Tran of The Ivy Group had submitted the winning bid on behalf of Bella Lago Development. He also was hired by the county to market the property.
The property purchase went into escrow, and it was during that time of due diligence that Bella Lago Development dropped the purchase, Jones said.
In order to start the purchase process once more, Jones told Lake County News that administrative staff will need to take a new sale resolution back to the Board of Supervisors.
He estimated that process could take place later in the summer, noting no firm dates have yet been set.
Jones said Tran will continue his marketing work on the marina.
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Holiday Harbor sale falls through; county to relist marina property
- Elizabeth Larson
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