Mega Yacht For Sale

New owner, big plans for historic Merrill Stevens

Merrill Stevens Dry Dock has a new owner with ambitious plans to renovate the facility that has been a mainstay on the Miami River since the 1920s.

David Marlow, Chairman of Marlow Yachts of Palmetto, Florida, paid $6.6 million to acquire the real estate, the equipment and the name from Coconut Grove Bank, which took title to the property in a foreclosure action completed in early 2011, said Horacio Stuart Aguirre, the broker with Dixon Commercial Real Estate, who handled the sale.

The landmark boatyard, which serviced the mega-yachts of the likes of Malcolm Forbes and Ivana Trump, struggled during the recession as even the wealthy put their luxury lifestyle on hold. Boat repair work ground to a halt and the owners were forced to lay off employees and virtually shut down operations. Marlow got the facility for about half what Hugh Westbrook paid when he bought the facility in 2004 from the Merrill family.

Marlow acquired the 5.9 acre facility, which straddles the Miami River, and plans to launch a two year renovation project.

“His plans is to turn Merrill-Stevens into a pristine, modern example of what a yacht yard should be,” said Aguirre, who first helped Westbrook market the property and later the bank. “Right now it’s charming, but it’s a little seady. David Marlow is a gift. This is just what this industry needed.”

Merrill Stevens began operations in 1885 in Jacksonville, opening the Miami location in 1923 to service commercial, pleasure and military boats. The facility can handle about 20 yachts over 100-feet long each.

Mega Yachts for Sale « Mega and Superyachts for Sale

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