Bembridge Harbour was placed on the market earlier in the year, with a reported price tag of £3million.
THE charitable trust set up to buy Bembridge Harbour has had three bids turned down.
News of the unsuccessful offers made by the trust — which is backed by influential Bembridge and St Helens residents — was delivered to its AGM.
The harbour was placed on the market by its owner, the Bembridge Harbour Improvement Company, earlier in the year with a reported £3million price tag.
Harbourmaster Chris Turvey said the offers were rejected because they were far too low and answered criticism neglect had allowed the harbour to silt up.
He said: "It is not a case of neglect. We accept that dredging is needed in areas of the harbour but to do that we need a revenue stream.
"The harbour dues public inquiry forced by users cost us a considerable amount of money and has stopped us getting the revenue we need."
Bembridge Harbour Trust chairman Donald Biddle said: "This has been an extremely frustrating time for us. Apart from our first bid, all our subsequent offers have been at the invitation of the selling agents." He said the size of the bids was governed by the fact that, as a charity, the trust had a duty to take professional advice from lawyers and property valuation experts.
"One other major consideration was the significant extra cost of putting right the years of neglect suffered by the harbour. We believe this might well be upwards of £750,000," said Mr Biddle.
He told the meeting the need to dredge the harbour and to repair pontoons and walls was now "very urgent" and a phased programme had been drawn up.
Mr Biddle said the trust was keen to break the stalemate but needed access to up-to-date accounts and forecasts and had made an approach to the company’s bankers, Handelsbank, for a meeting to point out the security of its loan may be at risk if the deterioration of the harbour continued.
He said: "We shall, of course, ask our founder members and the communities of Bembridge and St Helens and all those with an interest in the future of the harbour, to support an appeal once we know we can buy the harbour," said Mr Biddle.
Reporter: richardw@iwcpmail.co.uk