page_title: Marineland of Florida
section_title: Decline
hierarchical_section_title: Marineland of Florida / History / Decline
context_page_description: Marineland of Florida, one of Florida's first marine mammal parks, is billed as "the world's first oceanarium". Marineland functions as an entertainment and swim-with-the-dolphins facility, and reopened to the public on March 4, 2006. In 2011, the park was purchased by the Georgia Aquarium for a reported $9.1 million.
context_section_description: Cornelius Vanderbilt Whitney, who was the major stockholder of the private company opted to sell the marine park in 1983 to a group of St. Augustine businessmen. For a while the park held its own with fair attendance in the busier summer months with the ongoing traditional shows being complemented by a seasonal high dive show as well as other entertainment however things changed in the latter 1980s. With declining attendance, bad management, expensive schemes and other issues, the group was unable to meet their loan payments and the attraction was again put on the market.  Ownership change was the norm from that point and the long range future was chaotic and uncertain.
  Eventually the maintenance demands of the old park became too costly for the real estate investment group who owned it at that time.  The facility began to sink into disrepair as the owners desperately sought a buyer.  Finally, through a convoluted deal involving junk bonds, the property was  The buyers planned to build time-share condominiums on most of the ocean hammock land but were unable to bring the plan to fruition.  This effort resulted in bankruptcy for the buyers. In addition, the already-strapped oceanarium had been reconfigured as a non-profit foundation as part of the sale and was responsible for its own sustenance as well as repayment of the bond issue.  Needed monies were not invested in repairs, and the shabby condition of the park offended even the most loyal fans.  With no direct ownership, no funding, and the financial burden of bond interest payments, employees were left to cope with equipment failures, no marketing, loss of credit, bounced paychecks, government inspections and the custodianship of the marine mammals, fish and birds. During this era, many devoted individuals and businesses contributed materials and services to help employees keep the place going. In the end, the foundation repaid the bondholders pennies on the dollar, a large part of Marineland's dolphin population was sold off to Orlando, and the current owner came in and picked up the pieces.
caption: Dolphin Show
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