Colony Beach & Tennis Resort unit owner Andy Adams, through a Murfreesboro, Tenn.-based company called Breakpointe LLC, filed to foreclose last week on overdue bank loans totaling $3.2 million to longtime Colony owner Dr. Murray “Murf" Klauber’s residential unit and the beachfront Vagabond resort unit.
Klauber’s penthouse living quarters, known as Unit 500, has a $1.4 million overdue loan and the Vagabond beachfront unit has a $1.8 million overdue loan.
Klauber has been trying to obtain a letter from the town stating that his residential unit can be lived in 365 days a year, in an attempt to sell both units to a potential buyer.
Adams, who also owns a 5% undivided interest in the resort’s tennis courts and recreational property, confirmed in June he purchased the units, but has declined to comment.
Adams is also one of nine potential Colony investors that remain in the running with renovation and development proposals for the Colony unit owners to review. Adams said his purchase of the loans have nothing to do with his renovation proposal.
Contact Kurt Schultheis at [email protected].