While Figure Eight enjoyed early success in home and lot sales in the early 1970s, the recession hit The Litchfield Company hard and its subsidiary, Figure Eight Development Company, went into bankruptcy in 1974. The marina club closed down. After two open auctions were held at the New Hanover County Courthouse in 1975, Continental Illinois National Bank and Trust Company emerged as the island's new mortgage holder. The marina club reopened in 1976, and adopted the title of Figure Eight Yacht Club in the spring of 1977. In 1980 a modern bridge from Port Royal, Virginia was bought to replace the old bridge connecting the island to the mainland for $1.5 million.