Auction over for Frying Pan Tower

WRIGHTSVILLE BEACH, NC (WECT) - The auction to take over ownership of Frying Pan Tower has come to an end.

The owner of the renovated bed and breakfast, which is located forty miles off Masonboro Inlet in the ocean, ended the bidding process early.  Richard Neal stated in a Facebook post Tuesday that he will offer those who have made qualified bids an option to be a fractional owner with some limited shares.

"It's been an interesting past few days with several bidders who have placed deposits to bid. One thing is standing out; restoration in the ocean is difficult to explain if you've not been there & done that. Also, the b&b business which I started to help augment the restoration efforts, is erroneously perceived as a real money-maker with folks understandably asking for revenue numbers," Richard Neal wrote. "In reality, I ran the b&b to help cover the funds needed to continue purchasing supplies, do repairs, and so I could share my love for the tower with those who wanted to come see it for themselves! If you've been there with me, you'll know what I mean."

Neal, from Charlotte, bought the property off a government website in 2010 for the price of $85,000.  In putting the tower up for auction earlier this month, Neal said the time had come for someone else get some enjoyment from the facility. 

Neal promises more details on the future ownership of the tower in the coming days.

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