Ocean Properties makes highest bid for Colony estate

 

Ocean Properties makes highest bid for Colony estate

 

Date: June 18, 2014
by: Kurt Schultheis | Managing Editor

 
 

Ocean Properties Ltd. put in an offer at 3:59 p.m. Tuesday — one minute before bids were set to close for the bankrupt Colony Beach & Tennis Resort Partnership estate — and had the winning bid at $2.45 million.

If Ocean Properties ends up winning the auction in U.S. Bankruptcy Judge K. Rodney May’s courtroom Thursday afternoon, it will own a stake in the Colony, and that would set the stage for the company to potentially own its third resort on Longboat Key.

Ocean Properties already owns the former Longboat Key Hilton Beachfront Resort and the Longboat Key Club.

Plans are in the works to renovate both properties.

Two other developers put in offers for the estate.

Orlando-based Unicorp National Development Inc. President Charles Whittall put in an offer for $2.3 million.

Colony unit owner and developer Andy Adams put in an offer for $1 million.

Gone from the mix vying for the estate is Longboat Key-based MW Development Group principal Manfred Welfonder and his partners.

Welfonder said Siggy Levy, who has been involved in many development projects in North America, including numerous condominium properties on Longboat Key, decided not to enter the auction. Welfonder also confirmed his other partner, Ritz-Carlton, Sarasota and Concession Golf Club & Residences developer Kevin Daves, is no longer associated with MW Development Group.

“It’s not over,” Welfonder said. “Siggy and I remain a very strong interested party for the future of the Colony.”
Colony Beach & Tennis Resort Association President Jay Yablon confirmed a U.S. trustee informed all parties of the bids Tuesday afternoon.

Contact Kurt Schultheis at kschultheis@yourobserver.com

Click here to read more about the auction.

 

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Currently 1 Response

  • 1.
  • Once again a developer picked by the Colony Association Board decides to not show the money.
  •  
  • Lee Pokoik
    Wed 18th Jun 2014
    at 3:27pm
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