Marina, under water, proving a hard sell

There's still a little activity going on down at Ray's, but it could be the last hurrah. (The Lebanon Voice file photo)

MILTON - If you pass through downtown Milton today it looks like any other May at Ray’s Marina.

Folks are getting their bass, ski and pontoon boats out of storage and getting them “summerized” or doing minor repairs as they look forward to a season of fun and sun on Milton Three Ponds.

Only one thing’s different. There is no Ray’s Marina.

The marina’s most recent owners, Marc and Holly Poitras, closed the facility’s doors in November after liquidating as much stock as they could before TD Bank became the new owner.

Ray’s Marina went on the auction block last month, but the bank retained possession with what sources close to the marina estimated was a $1.2 million dollar bid.

Tranzon Auctions, which held the auction, would not disclose the exact price, citing confidentiality laws.

Michael Carey, vice president of Tranzon Auctions Properties of Portland, Maine, said there were other bidders at the auction, but TD Bank was the highest.

New Hampshire laws prevent a mortgagee from bidding less than a certain percent of the appraised value, which forced TD’s hand, one industry insider said.

He added TD Bank is reportedly shopping the marina for less than $1 million.

TD Bank in Portland did not return several phone calls for this story.

Carey said Tranzon Auctions is still active in the search for a buyer and said there has been some interest in the property, which the Poitrases reportedly bought six years ago for about $1.7 million.

The property has some serious flaws, the industry insider said. With train tracks bordering the lake, there is no room for slips, a big revenue stream for most marinas.

That, their decision to focus more on travel trailers and the economic downturn is what did them in, he speculated.

Ray's Marina has been a commercial icon along both sides of White Mountain Highway in downtown Milton for half a century.

The property stretches for a quarter mile on the lake side, and includes sales and staff offices and a 5,000 retail and parts department.

A 13,000 square foot showroom takes up the lion’s share of its property on the west side of White Mountain Highway. 

The facility also includes a boat ramp off Champion Street in Lebanon.

The Poitrases blamed a tightening of floor plan credit, interest rates charged and a 50-percent drop in sales over the five years they owned the marina.

The 200 or so boat owners who stored their craft at Ray’s Marina this winter are being helped get their boats out of their winter berths by Ossipee Lake Marina. If owners want them summerized, they’re providing the service on site. If they need repairs, they trailer boats up to their facility in Freedom.