Queen Mary lease makes $43 million in bankruptcy auction
Published August 27th, 2007
Save the Queen LLC of Newport Beach has acquired the Queen Mary lease and the right to develop the area surrounding the historic ship for $43 million in a bankruptcy auction. At stake in the auction were the 54 years remaining on the 66-year lease of the Queen Mary and its surrounding 43 acres of mixed-use waterfront property, known as the Queen’s Seaport Development.
According to Howard Ehrenberg, partner at the Los Angeles-based law firm of SulmeyerKupetz and the court-appinted trustee of Queen’s Seaport Development Inc., the sale provides for repayment of debt to creditors and ensures the development of the mixed-use waterfront property surrounding the ship.
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