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The Club at Mediterra sold to members
BUYER: The New Club at Mediterra Inc. (principals: Jon Conahan, Rich Schmid and Lance Primis), Naples
SELLER: Long Bay Partners LLC
PROPERTY: 15755 Corso Mediterra Circle, Naples
PRICE: $5.5 million
TITLE FIRM ON DEED: Tarpon Title Services LLC, Bonita Springs
PLANS, DESCRIPTION: Club members of The Club At Mediterra have purchased the real estate of Mediterra on Corso Mediterra Circle west of Livingston Road for $5.5 million. The deal was part of the $6.8 million, club members paid to the developer Bonita Bay Group to acquire the club's assets. The members also assumed $15 million in debt from the Community Development District.
The New Club at Mediterra Inc. purchased The Club at Mediterra, its two Tom Fazio-designed championship golf courses, an 1,800-square-foot golf learning center with short-game practice area, a 25,000-square-foot clubhouse and a Sports Club with five tennis courts, an outdoor pool, three spa rooms and a fitness center. The deal also includes the private Mediterra Beach Club and elevated swimming pool.
In a fight to avoid bankruptcy and pay off its lenders, the Bonita Bay Group has sold off several of its recreational clubs including the Bonita Bay Club, which it sold earlier this month for $12 million.
“Today's agreement represents a significant step toward resolving the financial challenges facing our company due to the global economic crisis and the dramatic downturn in the Southwest Florida real estate market,” David Lucas, chairman of Bonita Bay Group, said in a press release.
The purchase entity The New Club at Mediterra Inc. mortgaged the property to SunTrust Bank for $5.5 million.
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