NEWPORT – Oregon Coast Bank was the only bidder Tuesday when the Lincoln County Sheriff auctioned off the headquarters and two tower properties of financially troubled Yaquina Bay Communications.
The bank – which had been battling radio station owner David Miller for loan repayments for several years – bid $570,005. The auction, held in the courthouse hallway outside the sheriff’s office, was witnessed by two radio station employees, a group that uses the basement of its Alder Street headquarters, two reporters and bank vice president Melissa Chown.
A Lincoln County circuit judge signed the foreclosure and sale order in August, nearly a year after Oregon Coast Bank filed its foreclosure lawsuit seeking $532,000 for remaining balances on two loans.
Miller and his wife, Linda, own Yaquina Bay Communications and operate five stations out of an 8,000 square foot office and studio on Alder Street in Newport’s Deco district. The stations are KNPT-AM and KNCU-FM in Newport, KBCH-AM and KCRF-FM in Lincoln City, and KWDP-AM in Waldport.
The Federal Communications Commission cancelled Miller’s license for KYTE-FM in June.
The two other properties auctioned off Tuesday are in Toledo and Lincoln City and contain towers for two of Miller’s stations.
Sheriff’s support services staffer Michelle Maresco said the bank’s bid gives them immediate possession of the property, but that Miller has 180 days to pay off the bank loan and get the deed to the properties.
Chown said the bank will try to contact Miller to see if they can work out an arrangement to rent or otherwise use the building. But, she said, “it’s been hard to communicate.
“It’s not certain,” she said. “I don’t know if we’ll be able to reach an agreement.”
Miller did not return a call Thursday seeking comment.
In August, Miller told circuit judge Marcia Buckley and YachatsNews that he’s had inquiries to purchase his stations. “That’s our goal – to sell and retire,” he said, and move to Utah or Idaho where there are numerous family members and grandchildren.
Miller said in August that the company has eight full- and part-time employees.
Wow I wish I had known about that because I would have bought it. I would love to broadcast a old country music station and play oldies.
I’m sure the bank will be happy to take your all cash offer tomorrow.
for full amount or just some kind of cash offer ??