The property's Brazilian developer/owner Sergio Nava has identified the prospective buyer to U.S. Bankruptcy Court Judge Karen S. Jennemann as J&P LLC. Naya did not identify J&P further.
The buyer's due diligence period ends March 27. If no deal is done, J&P's $100,000 deposit will be refunded, according to court records.
Closely monitoring the latest Sandy Lake Towers scenario is Orlando timeshare developer David A. Siegel who has purchased $16 million worth of mortgages on the property previously held by Arbor Commercial Mortgage of New York. Siegel would have to be paid off before the Sandy Lake Towers deal could close. Siegel's discounted purchase price of the Arbor mortgages isn't disclosed in court records.
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