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Yaupon Pier auctioned off

OAK ISLAND -- The Yaupon Pier in Oak Island has been sold to the highest bidder. The pier actually sold to the only bidder. Cooperative Bank was going to foreclose on the property anyway. Friday the bank bought it for nearly $1.7 million. No one from the Oak Island council showed up. The council voted against financing a 2-point-2 million dollar bid for the pier this past fall. The pier's former owner Roy Fowler was one of the few who attended today's auction. He said, "I'm interested in seeing it get back on it's feet, you know, tourism and all that, and I'd love to help out in any way I can." The bidding doesn't end this afternoon. Anyone interested in buying the pier can make an upset bid for at least five percent more than the bank's bid. The deadline for that is Tuesday, March 18. After the auction I spoke to Oak Island Mayor Johnie Vereen who said he predicted Friday afternoon's result. He said the town is interested in the pier but wants to get it for the right price by bidding at the auction today, he said the town could've inflated that price. He would not say whether the town was going to submit an upset bid.

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