March 15 has been set as the second auction date for the Monterey and the starting bid has been lowered to $14 million. The first Monterey auction took place on December 15, 1989. While there 150 people present, neither of two registered bidders made a bid. Bids were to have begun at $18 million. Although the starting bid has been lowered, all other terms remain the same, namely that 10 percent of the payment is due on the day of the auction. The remaining 90 percent is due three days after after confirmation of the sale. Until then, the Monterey lies docked in Honolulu harbor.

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