ORLANDO, Fla. (Oct. 14,2014) -- Robert A. Cole, a shareholder with Upchurch Watson White & Max, became "one of the few" special masters in the state to conduct a federal foreclosure auction as he completed a $70 million real and personal property sale today on the steps of the Orange County Courthouse.
Shareholder Bob Cole
Ordinarily, a U.S. Marshal would conduct such an auction, but the parties to a lawsuit captioned Grande Palisades Loan Holdings LLC v. Lake Austin Properties I Ltd. agreed to the appointment of a special master to hasten the process. "It's an honor to be appointed a special master in order to assist the court and the parties in moving the case forward procedurally and ultimately to final resolution," Mr. Cole said.
In today's paper, The Orlando Sentinel described the property that was to go on the block -- known as Grande Palisades Resort at Lake Austin -- as a "vacant 890-unit resort in west Orange County." In a
front-page story, reporter Paul Brinkman wrote the timeshare resort "has been subject to foreclosure, bankruptcy and lawsuits since 2009." Mr. Brinkmann provided the recent history of the development and was on the scene today to witness auction and its outcome.
His
report already is posted, explaining that there was only a single bid submitted by the representative of a group of investors who already owned the debt on the property and were the plaintiffs in the lawsuit, Grande Palisades Loan Holdings LLC. The group will purchase the real property for $69 million and pay another $1 million for the personal property at the resort, "including furniture and equipment."
"Grande Palisades Loan Holdings came into the auction with a credit bid of up to $151 million, because that was the amount of the note it had previously purchased," Mr. Brinkmann wrote. "Because the company already owned the debt on the property, no actual cash will change hands as a result of the auction."
About Upchurch Watson White & Max
A nationally leading mediation specialty firm, Upchurch Watson White & Max is known for facilitating reasonable agreements to resolve complex issues. From eight offices in Florida and Alabama, Supreme Court certified attorney mediators with wide-ranging specialties serve as court-appointed and privately employed mediators, arbitrators and third-party neutral case managers, implementing innovative methods of alternative dispute resolution across the country. On the Web: uww-adr.com
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P R E S S R E L E A S EUpchurch Watson White & Max
125 S. Palmetto Avenue
Daytona Beach, FL 32114
800-264-2622
Catherine Klasne (
cklasne@uww-adr.com)
For Immediate Release
