The transaction also pays off a delinquent $1.9-million mortgage the bank has been holding on the property, according to Lake County real estate records.
The bank foreclosed on the prime real estate in 2003 after developers John L. Webb, Joe B. Tramell, Deer Island Golf Course Partnership, Deer Island GCC Inc. and Tramell Webb Partners Inc. defaulted on the mortgage balance. However, instead of shutting down the course, the bank kept the links open to the public by setting up Flaresco Inc., a subsidiary maintenance company.
The course anchors the 385-acre Deer Island residential community which is not part of the transaction and is not for sale. Although located in an idyllic setting, the course and the subdivision have not blossomed since they were first developed in 1990, area brokers tell GlobeSt.com.
Only 10 occupied homes have been built in the golf community which was designed for 289 single-family and townhomes. TW Island Inc., whose partners include Webb and Tramell, owns most of the vacant lots.
Webb and Tramell previously owned Tramell-Webb Partnership of Orlando which bought the Deer Island golf property in 1996, three years after the original development group filed for Chapter 11 protection under the US Bankruptcy Code.
Area land brokers intimate with the sale of the course tell GlobeSt.com principals in Deer Isle Golf LLC also own Bogopa Service Corp., a 20-year-old New York-based supermarket operator.
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