$23 million Colony judgment attracts four bidders

Four bidders, including Delray Beach-based Ocean Properties Ltd. and Orlando-based Unicorp National Development, are making a play for the coveted $23 million judgment against Colony Beach & Tennis Resort unit owners that U.S. Bankruptcy Trustee William Maloney is seeking to sell.

The following four bids for the judgment were submitted by 4 p.m. Thursday:

• The Colony Beach & Tennis Resort Association submitted a $3 million cash bid with a $300,000 deposit;

• Unicorp submitted a $3.5 million bid with a $350,000 deposit.

• Naeco LLC, a New Hampshire-based organization controlled by Ocean Properties, submitted a $3.7 million bid with a $370,000 deposit; and

• Bluewater Oceanfront Investments LLC, a new Windermere-based corporation that was formed July 17 by registered agent Robert Butler, submitted a $4 million bid with a $400,000 deposit.

U.S. Bankruptcy Judge. K Rodney May will review the bids 10 a.m. Sept. 8, when May will hold an all-day auction for Maloney’s judgment against unit owners and decide who is the winning bidder.

Bid parties will be able to explain to May why their bid should be approved and can raise bids at the auction. 

Contact Kurt Schultheis at [email protected].