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Sandy Lake Developer Paying Off Siegel Mortgage

ORLANDO-Sergio Naya, who missed a court deadline to submit a $24.6 million bid for his own Chapter 11-mired property, has agreed to pay Orlando timeshare developer David A. Siegel $197,208 a month at 20% interest on a $17 million first mortgage Siegel holds on the financially troubled condo-hotel property in Orlando's main tourist corridor.

By Alex Finkelstein | Updated on June 04, 2002

ORLANDO-U.S. Bankruptcy Judge Karen S. Jennemann has approved a mid-August public auction for the Chapter 11-mired Sandy Lake Towers condo-hotel at 6145 Carrier Drive in Orlando’s main tourist corridor.

Tied in with the auction date is a deal Brazilian developer Sergio Naya has cut with the court and Orlando timeshare developer David A. Siegel to start paying off the $17 million first mortgage Siegel holds on the twin-building, 17-story, 408-unit Sandy Lake Towers.

Naya’s first payment of $197,208 was due by 5 p.m. today. If it arrives, Siegel has told the court he will cancel an Orange Circuit Court-approved foreclosure auction scheduled for 11 a.m. Wednesday. Naya is paying off the Siegel mortage at 20% interest.

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