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Finova Unit Buys Debt-Ridden Timeshare Resort at Auction for $7M

ORLANDO-Bidding against an unknown investor, the Scottsdale, AZ-based lender bested its rival after 11 back-and-forth bids for the 102-unit, four-building Sheraton Vistana Resort at the 6,300-acre World Golf Village community between Jacksonville, FL and St. Augustine, FL, 150 miles north of Downtown Orlando.

By Alex Finkelstein | Updated on July 15, 2002

ORLANDO-In an unexpected scenario, a real estate subsidiary of Scottsdale, AZ-based Finova Capital Corp. outbid an unknown Jacksonville, FL investor at a court-ordered public auction and purchased the debt-ridden, 102-unit, four-building Sheraton Vistana Resort at the 6,300-acre World Golf Village attraction for $7 million.

The unexpected bidder, 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.

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