Morgan Properties In Foreclosure Sales
Lisa Krasowski pays $495 per month rent for the land under her unit, she said, and hopes that new owners will repair the phone lines and make other improvements after the Buena Vista Campground is sold in a sheriff sale Feb. 6 in Mays Landing, N.J., the Press of Atlantic City reported.
Many locals say current owner Morgan Recreational Vacations, of Sarasota, N.Y., has neglected the property in recent years.
The campground, located near the intersection of Routes 40 and 54 in the Richland Village section, is one of four in the region owned by Morgan that are being forced into foreclosure sales by investors who hold two loans totaling about $110 million. Morgan RV is a division of Morgan Management LLC.
The others are Yogi Bear's Jellystone Resort at 1079 12th Ave. in Mays Landing, which was sold to its creditors for $100 at a sheriff's sale last week; Echo Farms Resort at 3066 Route 9 in Ocean View, Upper Township, set for sheriff sale Wednesday in Cape May Court House; and Atlantic Blueberry Hill RV Resorts, LLC, at 299 Clarks Landing Road in Port Republic, due to be sold at a Feb. 20 sheriff's sale in Mays Landing.
Haley Cook, of ICR Corporate Communications in New York City and a representative for the investment group that has foreclosed on the property, declined comment on the pending sales.
Maria Randle, who works for Buena Vista Campground's current management under receivership of the Bank of America, recently sent a letter to the township asking for a reduction in the $108,600 licensing and pad fees the campground pays annually in lieu of taxes.
She said she could not comment further on the situation when reached by phone.
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