Foreclosure on a $2.5 million mortgage it made to the owner of the tall ship Mystic after the firm failed to make its monthly payments for more than a year.The maritime attorney for the company that holds the mortgage, Lignum Vitae LLC of Holmes Street, said Monday the 170-foot-long, three-masted schooner will likely be sold to pay off the mortgage. The Mystic was built in 2007 in Florida and has been operating out of Mystic,CT. since.
During the summer months it runs two- to five-day trips along the New England coast for up to 34 guests. In October if operates out of Baltimore, Md., and then moves to the Bahamas Out Islands for the winter months. It can also carry up to 150 passengers on day sails and evening cruises.
