Unit owner to foreclose on Klauber

 

Unit owner to foreclose on Klauber

 

Date: August 1, 2011
by: Kurt Schultheis | City Editor

 
 

 

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 kschultheis@yourobserver.com.

 

SHARE
Login Register now

Currently 0 Responses

Login below to post a comment or click register.
Account E-Mail
Password
forgot password? click here
Speak Your Mind Below!

Classifieds

YourObserver
Subscribe to our eNewsletters
1970 Main Street, Sarasota, FL 34236 941-366-3468

Copyright 2014 The Observer Group Inc., All Rights Reserved