RICHARD: Search Google / Bing and set ‘alerts’ in both system for key words that may catch a notice.
GREG: Besides GSA, where there other resources you used to find information about possible off shore platforms to buy? RICHARD: Well, still working fulltime I and the rest of America hopefully learned after the financial crisis that it’s best to plan, prepare and be ready rather than jump into the deep water without a lifeline, both figuratively and literally in this case! GREG: What did it take for you to leave a career as a sales engineer to pursue this project? I imagine it was hard leaving a good paying job to assume a big risk. I wanted to know how a person could take on such an endeavor, what the process was like.and whether he had any tips for people aspiring to be like him. government and converted it into a bed and breakfast for divers and fisherman. He bought the decommissioned lighthouse from the U.S. "But I still think it's worth it.I recently had the pleasure of corresponding with Richard Neal, the new owner of the Frying Pan Tower - formerly known as the Frying Pan Shoals Light Station. And yes I'm paying a financial price for that," Neal said. The light station was built in the 1960s, and Neal turned it into a bed and breakfast establishment in 2012.Īlso during Neal's recent auction, a foreign country offered him seven figures. A separate, six-figure offer could have resulted in the new owner gutting the tower and creating a private mansion. He said during the auction process, he turned down several offers because their purposes, which included the potential for the tower to be turned into "a legal, but not wholly wholesome" use, did not seem to be in line with what he wants to see in the tower's future. "They, by committing with their $5,000 deposits, showed that they are sincere about participating so they will get 1st choice at purchasing the tower through very limited fractional ownership shares," Neal wrote on Facebook. He said all but one of the auction deposits have been returned, with about 20 potential fractional owners involved at this point.
In reality, I ran the b&b to help cover the funds needed to continue purchasing supplies, do repairs, and so I could share my love for the tower with those who wanted to come see it for themselves! If you've been there with me, you'll know what I mean." Also, the b&b business, which I started to help augment the restoration efforts, is erroneously perceived as a real money-maker with folks understandably asking for revenue numbers. "The bottom line is that I think for the sake of the tower's continued maintenance, it will take a group of individuals with that as their purpose."Īs a result, Neal said he plans to go with a limited fractional ownership model that will come with bylaws.Įxplaining his decision further, Neal wrote on Facebook that "restoration in the ocean is difficult to explain if you've not been there & done that. "My understanding from the people that have contacted me for the auction is that individually they have really, really good ideas," the Charlotte resident said Tuesday. Coast Guard light station that was turned into an ocean bed and breakfast six years ago is no longer up for auction.īut the auction process that he started May 3 led current owner Richard Neal, who bought the tower in 2010 for $85,000, to a decision.
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