MADISON, Ind. (June 2003) Rivercrest Marina will soon have new owners in Charlie Spillman and Jeff Brougher if all goes well in final settlement issues regarding title and easements, according to MainSource Bank officials.
Spillman, owner of Robus Leather Corp. in Madison, and Brougher, a semi-retired medical insurance executive from Indianapolis, have signed a purchase agreement with the bank to buy Rivercrest Marina. Final details were being worked out in late May.
The bank purchased the marina, docks and pump boat at the Oct. 12, 2002, bankruptcy auction after the previous owner and developer, Patricia Hereford, defaulted on her loan from MainSource, then known as Peoples Trust Co. Brougher and Spillman were the winners among five bidders for the property, Brougher said.
Brougher said he and Spillman, who owns a condo at the marina, hope to rent the 70 or so vacant slips this summer and broaden the services available to boaters. There are 120 slips in all. Ron Gassert will continue to work for the new owners and operate his Diamond G Marine rental store at the marina, Brougher said.
We got big plans for the marina, said Brougher, 70, a native of Columbus, Ind., who said he has taken a more active interest in the marine business of late. Its really a wonderful property, and together with Charlie we have enough capital to make it available to the public.
He said he regrets not learning about the property sooner or he would have tried to buy the boat storage barns as well. They were sold in two separate units to L.D. Honeycutt of Bloomington and Marc Gray of Madison. Dupont businessman and farmer Dean Ford bought the nine unsold Rivercrest Marina condos and has re-sold all but one. Bank officials outbid Ford for the marina.
Brougher said he has several used boats for sale and will be getting more in, including cabin cruisers and ski boats. He wants to expand the marine store at the dock and promote the marina throughout the area.