Former Holly Ridge restaurant auctioned on courthouse steps

Smokehouse

After a minute and a half, the fifth and winning bid of $325,000 sold the former Holly Ridge Smokehouse Restaurant at the steps of Onslow County Superior Court.

Published: Thursday, July 3, 2014 at 11:15 AM.

After a minute and a half, the fifth and winning bid of $325,000 sold the former Holly Ridge Smokehouse Restaurant at the steps of Onslow County Superior Court.

A group of about 14 potential buyers formed a half-circle around attorney Kevin McConnell, who was appointed as commissioner of the sale, at noon June 25. McConnell read the terms of sale before opening bids for the 4.38-acre tract and 8,750 square-foot building at 511 U.S. 17 on the north end of Holly Ridge. The restaurant closed July 2, 2012, heir Michael Levine of Chicago told The Daily News on Wednesday afternoon. 

“$325,000. $325,000, going once. $325,000, going twice,” McConnell told the group. “Sold to Mr. Pierce for $325,000.”

John Pierce of Jacksonville — representing Tract Investments LLC, for which he is manager — made the winning bid. 

McConnell opened bids at $250,000, but the proceeding required no minimum.

“We don’t want the bidding to be too low,” McConnell said. “I could have started at $50,000  and gone to $75,000 or $80,000.”

The property’s 2012 tax value was $554,070 and McConnell said a fair start was about half of that amount.



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