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BUYER: Federal Resort Properties Inc. (principals: Stanley Riggs), Palmetto
SELLER: Holiday Cove RV Resort LLC
PROPERTY: units 2,7, 11, 15, 22-24, 42, 46, 47, 49, 56, 62, 72, 81, 87 and 97, Holiday Cove RV Resort condominium
PRICE: $2.23 million (satisfaction of remaining balance on mortgage)
LAW FIRM ON DEED: Livingston Patterson Strickland & Siegel PA, Sarasota
PLANS, DESCRIPTION: Warehouse real estate investor Stanley Riggs purchased 18 of the 100 lots in the Holiday Cove RV Resort in northwest Bradenton.
Riggs acquired the lots in exchange for forgiving a second mortgage on the property. The mortgage balance equated to $123,889 per lot, for a total of $2.23 million.
Riggs, through his Federal Resort Properties, sold the RV park to industry veterans David Gorin and Ed Rymer for $5.39 million and a second mortgage in late 2007.
Gorin and Rymer have since turned the property and business from a plain RV park into a high-end RV resort with site condominiums and 100 lots.
“Rather than getting paid in dollars, which has been going down in value, I wanted to get paid in lots,” Riggs says. “It also offers me capital gains tax benefits as well. I don't mind saying that I couldn't have done as good a job as they did.”
Riggs says the developers continue to see healthy sales volume and have even successfully raised prices since the development was introduced last year.
The Holiday Cove RV Resort features a clubhouse, a fitness center, laundry facilities and a putting green. It also has 20 boat slips and a boat launch.
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