REAL ESTATE AUCTION

Harbor Front Motel & Property

This auction is of The Silver Lake Motel & Inn located in the heart of the village of Ocracoke, North Carolina. This property includes two main hotel buildings with nearly (50) total rooms and suites overlooking Silver Lake Bay. These rooms include standard motel style rooms, luxury 1-bedroom and 2-bedroom suites with kitchens, and "add-on rooms" that can be rented individually or to expand the suites even further. The property consists of (5) parcels (all sold together) that include the original motel, the suites building, and the waterfront property with docks, piers, and formerly the location of the Jolly Roger Pub & Marina that CAN BE REBUILT!

This auction is being held for the Court appointed Receiver, George M. Oliver, who has employed Country Boys Auction & Realty, Inc. to sell at auction. This is not a bankrupcty or foreclosure sale. All known liens will be paid from the proceeds of the sale at closing. Parties interested in participating in the live auction MUST be pre-approved to bid by the Receiver no later that July, 25, 2025. ONLY THE PRE-APPROVED BIDDERS WILL BE ALLOWED TO ENTER BIDS AT THE AUCTION. The simple pre-approval form is attached below with "MAPS & BROCHURES". The live auction will be conducted by Country Boys Auction & Realty, Inc and held at Receiver's law office at 405 Middle Street, New Bern, NC at 10:00 a.m. EST on July 29, 2025. A third party has already entered a bid in the amount of $2,800,000.00. The auction will begin with that bid. Bid increase incriments above that amount must be of at least $100,000.00. Bidding will continue until a final bid amount is attained. There is no upset bid raise period after the close of the auction by the auctioneer on auction day.

The property is located on HWY 12 (Irvin Garrish Hwy) and is situated on both sides of the road. The waterfront side consists of (2) parcels, (former site of the Jolly Roger lost in hurricane Dorian) a large, covered shelter, main pier, docks, and a ramp area. The Motel and Inn/Suites buildings are located directly across the street. Tax records indicate that the original 2-story Motel building was constructed in 1983 and contains 5,148 square feet with approximately (18) rooms, one suite, office space, lounge area, and laundry facility. Almost all of the rooms are available for stays. The 3-story Inn/Suite building was built in 1994 and is listed as having a total of 16,529 square feet including multi-room suites, single "add-on" rooms, unfinished "attic" area, and an above roof observation tower with views of the entire island, ocean, and sound on a very clear day. Several of the suite units have had complete renovations started, but are not complete and are currently unavailable for stays.

The property is in full daily operation at the height of the tourist season and currently boasts a very high NCDHHS sanitation score. Both buildings are dated to the original construction periods and a facelift, and upgrades could bring back some lost curb appeal. Potential development of the Jolly Roger property could also provide a very nice income producing property as well.

Ocracoke is an island (with no bridges) and is accessible only by boat or plane. The majority of the island and all of the beaches are part of the US Park Service land offering miles and miles of natural beaches with no homes or businesses in sight. The small Village of Ocracoke is located on the southwest corner of the island and contains all of the homes, hotels, and businesses. The NCDOT operates both passenger and vehicle ferry service to the island. Overnight on-season accommodation is limited and highly sought after. As the island goes, the Silver Lake is a large motel/suite facility in a prime and centrally located area of the village.

The Silver Lake Motel & Inn (currently under new interim management) has and will remain open throughout the sales process, honoring existing reservations, current short-term leases, and making new reservations for this season as normal. To schedule an appointment to preview or inspect the property contact Dewey Dunn (252)916-1002.

IMPORTANT - MAPS, DRAWINGS, REGISTRATION FORMS, COURT DOCUMENTS, SURVEY MAP, ETC. ARE ATTACHED AS PDF FILE BELOW BY "CLICKING" THE RED "MAPS & BROCHURES" BUTTON. THEY WILL APPEAR IN A ZIPPED FOLDER AND CAN EASILY BE OPENED FOR VIEWING, DOWNLOAD, OR PRINTING.

HYDE COUNTY TAX & PARCEL DATA

Parcel 1 - "Original Motel Parcel" - This parcel contains the original 1983 motel building and parking areas.
ADDRESS - 395 Irvin Garrish Hwy
REID - 1121
ACRES - 0.51 calculated
GROSS LEASABLE AREA - 5,148 SF
YEAR BUILT - 1983
ASSESSED TOTAL VALUE - $1,512,241.00
Parcel 2 - "New Inn & Suite Parcel" - This parcel contains the 1994 Inn & Suites building and parking areas.
ADDRESS - 439 Irvin Garrish Hwy
REID - 1123
ACRES - 0.73 calculated
GROSS LEASABLE AREA - 16,529 SF
YEAR BUILT - 1994
ASSESSED TOTAL VALUE - $2,376,014.00
Parcel 3 - "Back Parcel" - This parcel is located behind the Inn/Suites parcel and contains septic areas and parking.
ADDRESS - NA
REID - 1122
ACRES - 0.17 calculated
ASSESSED TOTAL VALUE - $316,800.00
Parcel 4 - "Jolly Roger Parcel" - This parcel is located on the waterfront, across the street from the motel and inn parcels and contains a large shelter, patio area, docks, and pier.
ADDRESS - 410 Irvin Garrish Hwy
REID 1124
ACRES - 0.15 calculated
ASSESSED TOTAL VALUE - $956,316.00
Parcel 5 - "Ramp Parcel" - This is a narrow parcel between the "Jolly Roger Parcel" and the "Fish House" property consisting of a concrete ramp approximately 15' wide.
ADDRESS - NA
REID - 1119
ACRES - 0.03 calculated
ASSESSED TOTAL VALUE - $225,500.00

*REMINDER THAT ALL (5) OF THESE PARCELS WILL BE SOLD TOGETHER AS (1) PROPERTY.

TOTAL CALCULATED ACREAGE - 1.59 calculated
TOTAL ASSESSED VALUE - $5,386,871.00

MOTEL & SUITES BREAKDOWN

MOTEL BUILDING - 21 ROOMS & SUITES

(18) ROOMS ARE CURRENTLY USEABLE,
PLUS THE OFFICE, LOUNGE, AND LAUNDRY

SUITES/INN - 27 ROOMS & SUITES TOTAL AS CONFIGURED

(3) TWO BEDROOM SUITES
(9) ONE BEDROOM SUITES
(12) ONE BEDROOM ROOM ADDS
(3) ONE BEDROOM STAND ALONE

(5) CURRENTLY GUTTED
(6) CURRENTLY LEASED

101 2 BEDROOM SUITE
102 1 BEDROOM ROOM ADD TO 101
104 1 BEDROOM SUITE (GUTTED)
103 1 BEDROOM ROOM ADD TO 104
105 1 BEDROOM SUITE*
107 1 BEDROOM ROOM ADD TO 105
108 1 BEDROOM SUITE*

106 1 BEDROOM ROOM ADD TO 108*
109 1 BEDROOM ROOM*

201 2 BEDROOM SUITE
202 1 BEDROOM ROOM ADD TO 201
204 1 BEDROOM SUITE
203 1 BEDROOM ROOM ADD TO 204
205 1 BEDROOM SUITE*
207 1 BEDROOM ROOM ADD TO 205
208 2 BEDROOM SUITE
206 1 BEDROOM ROOM ADD TO 208
209 1 BEDROOM ROOM*

301 2 BEDROOM SUITE
302 1 BEDROOM. ROOM ADD TO 301
304 1 BEDROOM SUITE (GUTTED)
303 1 BEDROOM ROOM ADD TO 304 (GUTTED)
305 1 BEDROOM SUITE
307 1 BEDROOM ROOM ADD TO 305
308 1 BEDROOM SUITE (GUTTED)

306 1 BEDROOM ROOM ADD TO 308*
309 1 BEDROOM ROOM*

The entire 4th floor of this building is completly open (approximately 3,000 - 4,000 SF) in addition to the room list appove. There is also a 5th floor observation deck (inside and outside) with 360 degree views of the entire island that is possibly the highest structure on the island except for the lighthouse, water tower, and communication towers.

* Indicates current long term rentals. These rental leases will be expiring over the next couple of months.

TERMS & CONDITIONS

AUCTION - This auction is being conducted by Country Boys Auction & Realty, Inc. of Washington, NC (Agent) for George M. Oliver, Receiver (Seller)

LIVE AUCTION - A live auction shall be held at Receiver's law office at 405 Middle Street, New Bern, NC at 10:00 a.m. EST on July 29, 2025.

BIDDER APPROVAL – Any and all Bidders must be approved by the Receiver. The Receiver shall determine financial ability to close in his sole discretion, based upon documentation provided by bidders. Interested bidders shall have until 5 :00 p.m. EST on July 25, 2025, to submit Bidder qualification information to the Receiver. Only pre-approved bidders will be eligible to bid. Full bidding procedure and registration forms are found in the "MOTION FOR ORDER (1) ALLOWING PRIVATE SALE OF PROPERTY FREE AND CLEAR OF LIENS, CLAIMS, ENCUMBRANCES, AND INTERESTS; (II) APPROVING STALKING HORSE BIDDER; AND (III) APPROVING STALKING HORSE BREAK-UP FEE AND SALE PROCESS"  available by contacting Country Boys Auction & Realty, Inc.

OPENING BID AMOUNT - A Receiver approved bidder has entered, and the Receiver has accepted, an opening “stalking horse” bid in the amount of $2,800,000.00. Bidding at the live auction will begin with this bid amount. An “Overbid” of the $2,800,000.00 amount must be by a minimum bid raise of $100,000.00 (Overbid amount of at least $2,900,000.00) will be required at the live auction on July 29, 2025, to open live bidding. Either the existing bid of $2,800,000.00 OR the last and final bid at the live auction on July 29, 2025, WHICHEVER IS HIGHER, will be the selling price. If the “stalking horse” bid holder is not the highest bidder at the auction, the “stalking horse” bidder will be paid a “break-up” fee of $50,000.00 from the sale closing proceeds.

DEPOSIT - The highest bidder at the auction shall pay a deposit of ten percent (10.0%) of the successful high bid, at the end of the auction, to be held in escrow and applied to the purchase price.

CLOSING - The closing of the purchase and sale contemplated hereby ("Closing") shall occur no later than September 12, 2025, time being of the essence, or such other date as may be mutually agreed in writing by the parties.

TITLE AND CONVEYANCE - Seller shall convey to Buyer good and marketable fee simple title to the Property by Special Warranty Deed, free and clear of all liens, encumbrances, and title defects except for permitted exceptions approved by Buyer. Buyer may obtain, at its sole expense, an owner's title insurance policy insuring Buyer's title to the Property.

REPRESENTATIONS AND WARRANTIES OF SELLER - Seller represents and warrants to Buyer that as of the Closing, The Seller has full right, power, and authority to sell the Property, subject to approval by the Hyde County Superior Court.

INSPECTIONS AND CONDITION OF PROPERTY - Bidders shall have the right to enter or visit the Property to perform inspections and tests by appointment with Country Boys Auction & Realty, Inc. The Property shall be conveyed in "AS IS, WHERE IS" condition. Bidders have the sole obligation and responsibility to perform all due diligence and research necessary prior to bidding. There is no additional due diligence period or contingencies by the Buyer. The Seller shall use its best efforts to maintain the Property in substantially the same condition from the Effective Date through the Closing Date.

PRORATIONS AND LEASES - Taxes, rents, and other income and expenses of the Property shall be prorated as of the Closing Date. Most current leases will expire during the auction and sales process, but without exception on or before December 31, 2025.

CLOSING COSTS - Seller shall pay preparation of the deed and revenue stamps (excise tax). Buyer shall pay title insurance premiums, recording fees, and Buyer's due diligence and legal expenses. Each party shall bear its own attorney fees.

ASSIGNMENT - Buyer may assign this Agreement to any entity controlled by Buyer upon notice to Receiver, with Receiver's consent, provided Receiver agrees that assignee is a qualified buyer, in Receiver's sole discretion.

DEFAULT AND REMEDIES - In the event of Seller's default, Buyer may elect to terminate this Agreement and receive only a full refund of the Deposit and shall have no other remedies at equity or at law. In the event of Buyer's default, Seller's sole remedy shall be retention of the Deposit as liquidated damages.

DISCLAIMER - Country Boys Auction & Realty, Inc., Brokers, and employees are agents for the Seller and have no dual agency representation or responsibilities. The information provided is from outside sources, public records, and other information platforms. It is intended for general information purposes only. All drawings, maps, letters, descriptions, etc., are unofficial. The Court, Receiver, Country Boys Auction & Realty, Inc., Brokers, employees, and associates hold themselves harmless for any and all the information provided. The Buyer bears all responsibility of any and all research and due diligence prior to bidding.

Announcements at the time of auction take precedence over all other information; written, verbal, advertised, or conveyed.