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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.
The reorganization involves 28 hotel units, eight residential units and management of the complete property, including a commercial strip known as Shoppes at Naples Bay that features a Bonefish Grill and Mereday's.
Naples Bay Resort sought Chapter 11 bankruptcy protection last September after losing the court battle with its former partners, and facing an additional $4.6 million claim by the law firm Hahn Loeser & Parks.
Last year, Naples Bay Resort reported its revenue at $2.8 million, compared with $2.1 million the year before, according to bankruptcy records. The resort itself was appraised at $38.2 million, and Antaramian says in the filings he hoped to use the bankruptcy court to give him a “breathing spell” from the judgments so he could re-organize finances, and deal with the appeals.
The bankruptcy came to a quick end April 1, weeks after Antaramian was found dead after a reported suicide.
As part of the settlement, Antaramian's widow, Mona, as well as another business partner Robert Frazitta, will be forced to vacate units they control on the property by July 1.
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