D'Iberville looks to sell $7.6 million property before next payment is due

D’Iberville leaders said the I-10 and I-110 location is prime commercial real estate that they want to see it benefit the city long term. (Photo source: WLOX)

D’IBERVILLE, MS (WLOX) -

D’Iberville leaders are weighing their options on how to recoup millions of dollars in taxpayer money after a failed aquarium development deal. D’Iberville owns about eight acres of land at I-110 and I-10, and each proposal under consideration could ease the city’s debt burden.

Although there was groundbreaking back in 2011, the Ocean Expo Aquarium never got off the ground. The deal fell apart after D’Iberville had already bought three parcels of land for $7.6 million.

City Manager Bobby Eleuterius said, “It was also supposed to be reimbursed. Once it was built, we were getting a percentage of that ticket and that would go to retire the debt. That didn’t take place.”

He said the city bought a $6.9 million parcel where the aquarium was to be located and then $322 million and $316 million parcels in anticipation of future expansion.

So far officials said D’Iberville has paid two notes totaling $600,000. Before the next payment comes due, they want to sell.

“We now have the possibility of an auctioneer who has proposed to come in, but they, of course, want to make a percentage on it,” said Eleuterius. “Then we have a second dealer who is also offering money to the city, but again they want a commission. Then we have a third proposal coming in to us that may make us whole where we’ll get all of the money that we spent in the project back, which would make us all happy. “

D’Iberville leaders said the I-10 and I-110 location is prime commercial real estate that they want to see it benefit the city long term.

“One of them with the auction, they simply just want to sell the property for us. They don’t have a proposal,” said Eleuterius. “The second one would like to bring a commercial business there. The third one would like to also develop the property. So we’re going to benefit whichever way we go with two of those proposals because they’ll both bring some type of business to D’Iberville.”

Officials said the next payment on the property is $300,000 and is due in September.

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D"Iberville looks to sell $7.6 million property before next payment is due