CHARLOTTE AMALIE, St. Thomas -- The Yacht Haven Hotel & Marina,
an eyesore on the St. Thomas waterfront ever since Hurricane
Marilyn slammed through the island in 1995, has been sold again,
according to papers filed with the Coastal Zone Management
Malaysian businessman Tan Kay Hock, who purchased the property
in 1998, had plans for a $200 million complex but scaled back his
plan after he failed to win enough local support to continue the
He put the property on the market last summer with an asking
price of $8.5 million.
Although the sale price was not disclosed by the CZM, island
officials said they felt that it was much less than the asking
New ownership is divided among several related local firms. They
have not announced their plans for the property.