Former Holly Ridge restaurant auctioned on courthouse steps

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

Pierce made the first offer: $200,000. After the auction, he declined to comment on the winning bid or whether any plans exist for the building and U.S. 17 frontage.

Information about Pierce’s limited-liability company, Tract Investors, revealed few details about the nature of the business. 

According to its latest filing at the N.C. Secretary of State’s Corporations Division, Tract Investments conducts “Real Estate Investments” with a principal address of 405 Johnson Blvd. in Jacksonville. Betty Bullock also serves as company manager.

The winning bid required that Pierce immediately owed McConnell a certified check for $16,250, which is 5 percent of the total sale. 

Prospective buyers have 10 business days to “upset” the bid with one that is at least 5-percent more than $325,000, McConnell said. That deadline is July 7, he added. 

Then the family of heirs has 15 days to object the final offer and ask for an appraisal of the property. Although an appraisal was done on land adjacent to the former restaurant, it was not part of the auction, McConnell said. 

The property was owned by multiple heirs. One of those heirs filed a petition for partition sale in Onslow Superior Court April 30 

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