Search
 

Florida Firm's $82M Bid Awaiting Final Sign-Off

SOUTH PADRE ISLAND, TX-The US Bankruptcy Court takes an $81.5-million offer for a 730-acre beachfront tract, but a signed contract has yet to be returned by Lancore Realty.

By John McCloud | Updated on July 31, 2007

SOUTH PADRE ISLAND, TX-The $81.5-million winning bid at a bankruptcy court auction for a 730-acre parcel at the north end of South Padre Island was placed by an agent acting for a Florida real estate company, GlobeSt.com has learned. But, the ultimate buyer may be a large Middle Eastern investment group.

The land was auctioned July 24 in US Bankruptcy Court’s Southern District of Texas in Corpus Christi in proceedings overseen by Judge Richard Schmidt. The seller, Zohouri Group South Padre LP, was represented by Jeffrey A. Holliden and Robert Williamson, managing directors in the Houston office of Holliday Fenoglio Fowler LP, and associate director Barbara Guffey. The minimum bid was $38 million.

Corpus Christi attorney Michael B. Schmidt, who served as Chapter 7 bankruptcy trustee for the seller, confirms the winning bid amount, but says the sale cannot be officially announced until the presumptive buyer returns a signed contract to the court. The contract had not been returned as yesterday.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.