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Agent purchases Clipper City for $350,000 on behalf of Regal Bancorp

By The Examiner
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Clipper City is charting a new course.

Following a brief public auction Monday, The Clipper City tall ship was bought by J. Stephen Simms, a principal with Simms Showers LLP, on behalf of Regal Bancorp. Regal, holder of the ship?s $750,000 mortgage, put the ship up for sale when former owner John Kircher was unable to make regular payments. Simms purchased the ship for $350,000, and the auction had only one other bidder.

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