Bankruptcy over for Naples Bay Resort

NAPLES -- A popular resort that has been through internal battles, bankruptcy and the death of its primary developer, has finally found peace.

A bankruptcy judge signed off on a reorganization plan that will hand over Naples Bay Resort to the former partners of Jack Antaramian and the property's largest debtor to help satisfy a $24.2 million debt.

The 20 acres, located at 1500 Fifth Ave. S. in Naples, will now be owned and controlled by Naples Bay Financial Holding, as well as F. Fred Pezeshkan, Raymond Sehayek and Iraj Zand. Naples Bay Financial says it was owed $17.6 million, while the former partners were trying to collect a $2.8 million judgment it was awarded last August.