Paugus Bay Marina, one of Lakes Region's largest, sold, but it will stay in the familyBy BEA LEWIS
Union Leader Correspondent March 22. 2018 10:16AM
LACONIA — One of the Lakes Region’s largest full-service marinas has a new owner but will remain in the same family.
Paugus Bay Marina sold last month for $2,850,000 based on tax stamp sales of $42,750 recorded at the Belknap County Registry of Deeds.
The seller was R & K Marina and Land Company Inc.; J. Kevin Keenan of Meredith is president of the company. RGK Realty, LLC., owned by R. Gregory Keenan of Gilford, was the buyer.
The buyer and seller are brothers.
The property at 41 Sheridan St. is in the Lakeport section of the city. It includes 4.14 acres of land and four buildings and docks on Paugus Bay — which at its northern end is connected by a short channel to Lake Winnipesaukee. At the southern end, a dam separates it from Opechee Bay.
According to registry records, Bank of New Hampshire issued a $4,000,000 mortgage on the property to RKG Realty Trust that was signed by R. Gregory Keenan as manager.
R. Gregory Keenan was on vacation and not immediately available for comment.
J. Kevin Keenan, a 1966 graduate of Inter-Lakes High School in Meredith, attended Bentley College, but his interest in boats led him to Cape Cod, where he serviced vehicles and sold high-performance boats. Keenan went on to become a throttle man for several championship offshore racing teams, before deciding to return to New Hampshire.
He purchased the Sheridan Street property and developed it into a marina, opening in 1995, and became an authorized dealer of both Formula and Bryant powerboats.
City records show the property was assessed for tax purposes in 2017 at $1,617,000. Documents on file at the registry say the business formerly known as Paugus Marine LLC is changing its name to Paugus Bay Marina LLC.
When the Lakeport Dam was built in the 19th century, it raised the elevation of Paugus Bay to that of Lake Winnipesaukee, effectively making the 1,227-acre body of water an arm of the state’s largest lake.
The bay is named after Chief Paugus, who was killed at the Battle of Pequawket in 1725.