Auction CANCELED & Fractional Ownership Announced!
The Frying Pan Tower, a surplus Coast Guard Light Station, is located 34 miles off the coast of North Carolina and has been turned into a unique adventure bed & breakfast like no other and, NOW YOU CAN OWN IT!
The tower has proven it can shrug off hurricanes with Sandy, Arthur, Matthews passing over since purchased in 2010. It has high speed internet, hot & cold running purified rain water, has solar and wind energy captured into a battery storage bank and redundant backup generators. With triple redundant communications capabilities, underwater, helipad and internal motion detection security cameras, it is a very private and secure OFF THE GRID location and is now available for purchase.
You could own your own piece of history and start your own adventure!
Richard Neal
Owner & Operator, The Frying Pan Tower
704-237-0399
richard@fptower.com
The tower has proven it can shrug off hurricanes with Sandy, Arthur, Matthews passing over since purchased in 2010. It has high speed internet, hot & cold running purified rain water, has solar and wind energy captured into a battery storage bank and redundant backup generators. With triple redundant communications capabilities, underwater, helipad and internal motion detection security cameras, it is a very private and secure OFF THE GRID location and is now available for purchase.
You could own your own piece of history and start your own adventure!
Richard Neal
Owner & Operator, The Frying Pan Tower
704-237-0399
richard@fptower.com
FPT Fractional Ownership Details
Over the course of the last few weeks it has become clear that the best way to keep the tower on a path of restoration and create an increase in value for a buyer(s) is through a fractional ownership sale. Fractional ownership is a method in which several unrelated parties can share in, and mitigate the risk of, ownership of a high-value tangible asset, usually a jet, yacht or piece of resort real estate. Fractional ownership can be done for strictly monetary reasons, but typically there is some amount of personal access involved. Fractional ownership is not a new idea and this page will not attempt to outline the many pros and cons. From my experience and many hours of consideration, the usage of the Frying Pan Tower by individuals or groups is best served by a fractional ownership model.
Significant points of a fractional ownership of the Frying Pan Tower:
• To be an owner with the rights associated, you would have to purchase at least one share
• Shares would be registered to a buyer who may be an individual, partnership or company
• Buyers may buy more than one share with associated tiered voting rights concerning tower rules and restorations
• A set number of shares would be offered of which 20% of the sale (or resell) price goes to maintenance escrow
• A share owner would receive rights to bring one guest per share, i.e. 2 shares = 2 owner + 2 guests = 4
• Share owners can bring additional guests at an additional fee per guest that goes to maintenance escrow
• Yearly fees would be determined per share for legal, operational and maintenance costs
• A buyer would agree to adhering to a set of guidelines which would be self-governed
The tower supports many people visiting at a time with its many bedrooms and with helicopter access readily available and you can get there with little notice other than to verify availability of the flight (or a boat) service. There are many weeks and months where it is wonderfully comfortable on tower but is cold or hot onshore. The climate is due to the stable temperature of the ocean below which stabilizes the air above. The Frying Pan Tower has physical stability and solidity and the added benefit of national press recognition over the years due to its uniqueness. Maintaining and restoring the Frying Pan Tower should only increase its value and in my opinion, handsomely benefit share owners should they choose to sell their share(s).
The decision to set aside a portion of each share’s sale price into a maintenance escrow account allows the key restoration efforts to proceed quickly. Over the years volunteer talent has been plentiful, but transportation for them has been challenging. This body of very skilled volunteers have agreed to pay for a chance to participate and also enjoy the tower. Volunteer’s donations go towards offsetting the fuel, food and a small part of their transportation to and from. We also have several retirees who have volunteered their time and skills to help manage the effort. I also, am glad to help with my participation and guidance towards successfully accomplishing these restoration efforts with a goal to help the owners know how to operate and maintain the facility themselves if desired. Various buyers may also have areas of expertise where they would like to participate too. There is some pretty specific legal language I’ll need to have drafted to enable the shares to be properly outlined, administered and rules for playing well together.
To see the tower in person, I will be flying to the tower soon with interested buyers. You will be able to see and discuss the various restoration efforts and enjoy your stay at no charge other than food and helicopter transportation. The flight takes 1/2 hour and departs from High Tide Helicopters at Southport’s Cape Fear Municipal Airport. If you are unable to join us we will make additional visits before to the fractional shares are available.
Fractional Ownership vs Timeshare...a clarification
The main difference between fractional ownership and a timeshare is in the way actual equity is distributed. In a fractional ownership arrangement, the purchaser actual owns a piece of equity in the Frying Pan Tower. If the Frying Pan Tower goes up in value, the fractional owner's share of the pie also becomes more valuable. With a timeshare, ownership is not distributed. The owner purchases only weeks or months of enjoyment in a property, and these weeks or months do not rise and fall in value with the value of the property. The title is still owned by the principal owner. The differences are significant! The shares you buy will make you a fractional owner of the Frying Pan Tower!
If you wish to be one of the few who may become a fractional owner of the Frying Pan Tower make a deposit as instructed below
$5,000 deposit wire instructions
Wire instructions:
Business name: Frying Pan Tower LLC
Business address: 11025 Shadow Grove Circle, Charlotte NC 28277
Business contact: Richard Neal
Business phone: 704-907-0399
Bank of America
Wire routing number
026009593
Account number
2370 2031 5674
With your deposit you will be able to participate in the fractional ownership purchase when it is made available. If you do not choose to participate or shares are unavailable you will receive 100% of your deposit back. Make sure to fill out the contact form below so we will know who you are...
Over the course of the last few weeks it has become clear that the best way to keep the tower on a path of restoration and create an increase in value for a buyer(s) is through a fractional ownership sale. Fractional ownership is a method in which several unrelated parties can share in, and mitigate the risk of, ownership of a high-value tangible asset, usually a jet, yacht or piece of resort real estate. Fractional ownership can be done for strictly monetary reasons, but typically there is some amount of personal access involved. Fractional ownership is not a new idea and this page will not attempt to outline the many pros and cons. From my experience and many hours of consideration, the usage of the Frying Pan Tower by individuals or groups is best served by a fractional ownership model.
Significant points of a fractional ownership of the Frying Pan Tower:
• To be an owner with the rights associated, you would have to purchase at least one share
• Shares would be registered to a buyer who may be an individual, partnership or company
• Buyers may buy more than one share with associated tiered voting rights concerning tower rules and restorations
• A set number of shares would be offered of which 20% of the sale (or resell) price goes to maintenance escrow
• A share owner would receive rights to bring one guest per share, i.e. 2 shares = 2 owner + 2 guests = 4
• Share owners can bring additional guests at an additional fee per guest that goes to maintenance escrow
• Yearly fees would be determined per share for legal, operational and maintenance costs
• A buyer would agree to adhering to a set of guidelines which would be self-governed
The tower supports many people visiting at a time with its many bedrooms and with helicopter access readily available and you can get there with little notice other than to verify availability of the flight (or a boat) service. There are many weeks and months where it is wonderfully comfortable on tower but is cold or hot onshore. The climate is due to the stable temperature of the ocean below which stabilizes the air above. The Frying Pan Tower has physical stability and solidity and the added benefit of national press recognition over the years due to its uniqueness. Maintaining and restoring the Frying Pan Tower should only increase its value and in my opinion, handsomely benefit share owners should they choose to sell their share(s).
The decision to set aside a portion of each share’s sale price into a maintenance escrow account allows the key restoration efforts to proceed quickly. Over the years volunteer talent has been plentiful, but transportation for them has been challenging. This body of very skilled volunteers have agreed to pay for a chance to participate and also enjoy the tower. Volunteer’s donations go towards offsetting the fuel, food and a small part of their transportation to and from. We also have several retirees who have volunteered their time and skills to help manage the effort. I also, am glad to help with my participation and guidance towards successfully accomplishing these restoration efforts with a goal to help the owners know how to operate and maintain the facility themselves if desired. Various buyers may also have areas of expertise where they would like to participate too. There is some pretty specific legal language I’ll need to have drafted to enable the shares to be properly outlined, administered and rules for playing well together.
To see the tower in person, I will be flying to the tower soon with interested buyers. You will be able to see and discuss the various restoration efforts and enjoy your stay at no charge other than food and helicopter transportation. The flight takes 1/2 hour and departs from High Tide Helicopters at Southport’s Cape Fear Municipal Airport. If you are unable to join us we will make additional visits before to the fractional shares are available.
Fractional Ownership vs Timeshare...a clarification
The main difference between fractional ownership and a timeshare is in the way actual equity is distributed. In a fractional ownership arrangement, the purchaser actual owns a piece of equity in the Frying Pan Tower. If the Frying Pan Tower goes up in value, the fractional owner's share of the pie also becomes more valuable. With a timeshare, ownership is not distributed. The owner purchases only weeks or months of enjoyment in a property, and these weeks or months do not rise and fall in value with the value of the property. The title is still owned by the principal owner. The differences are significant! The shares you buy will make you a fractional owner of the Frying Pan Tower!
If you wish to be one of the few who may become a fractional owner of the Frying Pan Tower make a deposit as instructed below
$5,000 deposit wire instructions
Wire instructions:
Business name: Frying Pan Tower LLC
Business address: 11025 Shadow Grove Circle, Charlotte NC 28277
Business contact: Richard Neal
Business phone: 704-907-0399
Bank of America
Wire routing number
026009593
Account number
2370 2031 5674
With your deposit you will be able to participate in the fractional ownership purchase when it is made available. If you do not choose to participate or shares are unavailable you will receive 100% of your deposit back. Make sure to fill out the contact form below so we will know who you are...