Ike Sarges ran his final bid on the four-year-old property to $6.05 million before Finova lawyers quickly bested that offer. The bidding went back and forth a dozen times.
Finova is owed $24.3 million in unpaid loans by the former owner, Orlando-based Vistana WGV Ltd. Starwood Vacation Ownership Inc. of White Plains, NY, owns Vistana WGV.
Had Sarges won the bidding, he probably would have had to sell the property immediately to pay off the $24.3 million debt and clear the property's title, area real estate lawyers familiar with the transaction tell GlobeSt.com on condition of anonymity.
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