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News Feature

Stonington
Originally published in Island Ad-Vantages, September 27, 2012
Lobster Web purchased by Tony Ramos for $1.6 million

by Jessica Brophy

Tony Ramos of New England Stone Industries was the high bidder for the Lobster Web property in Oceanville at $1.625 million on Wednesday, September 26.

After the auction, Ramos said he doesn’t know yet what he will do with the property, but he thinks it should stay a fishing facility. “But not run by me,” he said. “I’m not a fishing man.”

Ramos was one of a half-dozen bidders in what the auctioneer Tom Saturley of Tranzon Auction Properties called “active bidding.” The opening bid for the property was $750,000 and quickly escalated well above $1 million.

The Lobster Web property in Oceanville has sat vacant since late March when parent company Live Lobster of Chelsea, Mass. had its assets frozen by its bank, TD North. Live Lobster experienced financial instability multiple times in late 2011 and early 2012.

The bank forced the auction of Live Lobster assets to reclaim the $3.4 million the bank claimed Live Lobster owed, according to a March lawsuit. These assets include the Lobster Web property as well as a processing facility in Prospect Harbor and a Phippsburg buying station.

The Prospect Harbor processing plant was purchased by Garbo Lobster for $900,000. The Phippsburg property will be auctioned on Thursday, September 27.