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Commercial Center Bank Buys Marina Complex

November 19, 1987

Commercial Center Bank of Santa Ana purchased Fisherman's Village on Shelter Island in San Diego for $4.4 million at a foreclosure auction Tuesday after no other bids were submitted.

The bank, which was the primary lender to former owner Mark Battaglia, forced the auction after initiating foreclosure proceedings. The complex includes retail, office and restaurant space as well as a commercial fishing marina. A bank spokesman said it was premature to discuss the bank's plans for the property.

Located in the probable hub of America's Cup activity in 1991, the complex earlier this year attracted the interest of a partnership that included America's Cup winner Dennis Conner and state Coastal Commissioner David Malcolm. The partnership made a $5.6-million offer for the property but later withdrew, citing financial and other problems with the site.

Conner and Malcolm did not attend Tuesday's auction.

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