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Bank Forecloses on Secluded Golf Course

MOUNT DORA, FL-The Deer Island Golf and Lake Club, prime Lake County real estate on the south shore of Lake Dora, 28 miles northwest of Downtown Orlando, could be picked up for about $1.9 million, the mortgage balance amount due to Mercantile Bank.

By Alex Finkelstein | Updated on December 08, 2003

MOUNT DORA, FL-Nestled among three lakes 28 miles northwest of Downtown Orlando, the 13-year-old Deer Island Golf and Lake Club anchoring the 385-acre Deer Island residential community in Lake County is on the selling block for the second time in 10 years. The subdivision itself is not for sale.

Locally based Mercantile Bank foreclosed on the prime real estate after developers John L. Webb, Joe B. Tramell, Deer Island Golf Course Partnership, Deer Island GCC Inc. and Tramell Webb Partners Inc. defaulted on a $1.9-million mortgage balance, according to Lake County Circuit Court records.

However, instead of shutting down the picturesque golf course, the bank is keeping it open to the public by setting up a subsidiary maintenance company, Flaresco Inc. When new buyers are found, Flaresco Inc. will vanish, according to court records.

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