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Colony auction date inches closer

STEVE REID

Editor & Publisher

sreid@lbknews.com

Colony Beach and Tennis Resort Chapter 7 Trustee William Maloney successfully convinced Judge Rodney May to allow the sale of the estate’s $23 million against unit owners.

Maloney argued in court last Thursday that in the face of a $3.5 million offer to buy the estate and the judgment, it is appropriate to hold an auction to ensure that it is the highest and best offer and to bring the matter that has been deliberated in the courtroom for years to a close.

The offer has been made by Unicorp, an Orlando development company headed by Chuck Whittal, which seeks to redevelop the 17.2-acre resort that has been closed since August 2010. The estate’s attorney outlined a bid process requesting all cash offers with a deposit of 10 percent.

Colony Association of Unit Owners’ attorney Jeffrey Warren argued that the bidding should be allowed to include the value of the Association not pursuing legal action against Murf Klauber’s bankrupt estate. Judge May approved that request.

Judge May scheduled a July 30 due date for auction bids. Subsequent to Aug. 14, Judge May will hold a hearing and render a final judgment following the auction.

 

 

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1 Response for “Colony auction date inches closer”

  1. Georgie McFarland says:

    Absurd, is the word for burying power lines.

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