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Pirate's Cove Resort & Marina in Stuart, Florida
 Sold by Japanese Interests for $8.2 million

By Eve Samples, The Palm Beach Post, Fla.McClatchy-Tribune Regional News

Jun. 6, 2008 -- A Jupiter family paid a Japanese firm $8.2 million on Wednesday for the Pirate's Cove Resort & Marina, a tucked-away sea lodge on Martin County's sleepy Manatee Pocket.

Stephen Moynihan, co-owner of Dania Beach-based HMY Yacht Sales Inc., confirmed Thursday he bought the 50-room resort and said he plans to upgrade it with his wife, Faith. His daughters also plan to help, he said.

"We think it's absolutely beautiful and a trophy piece of property," he said.

The seller was Pirate's Cove Resort Inc., which is at least partially owned by executives from the Japanese firm Sanyo Electric Co., said Boyd Bradfield, the Stuart-based real estate agent who brokered the deal.

The company has owned the resort for 19 years and needed to sell fast, said Bradfield, of Southcoast Inc.

"It's a good deal," Bradfield said. "But that's what happens anytime for whatever reason somebody has to do these deals very quickly." The sellers could not be reached for comment.
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Moynihan hopes to start renovations in about 60 days. The resort also includes a 50-slip marina, a restaurant and 184-boat dry-storage building. The resort will remain open during the work, he said.

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Copyright (c) 2008, The Palm Beach Post, Fla.

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