By Peter Biello
Wilmington, NC – After spending months in legal limbo, Oak Island's Yaupon Pier will be sold at auction within two months.
Last year the owners of the pier, Cape Fear Trading Group, defaulted on the loan used to buy it in 2006. The owners disagreed on how the property should be handled, so a judge ordered the property to be sold.
Oak Island's Mayor Johnie Vereen tried to purchase the pier for $2.2 million, but the town council opposed it.
There are less than two dozen piers left on the North Carolina coast. Yaupon is one of two piers left on Oak Island, which lost its third pier, Long Beach, two years ago.
Yaupon Pier will be sold to the highest bidder by the end of March.
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