Bankrupt brewer Big Storm sells Clearwater property

Big Storm Brewing has sold its Clearwater property just a few weeks after a federal bankruptcy judge approved the sale as part of its wind down.

The property, which sold for $5.5 million, is at 12707 49th St. The buyer is Tide LLC, whose bid was approved Jan. 26.

According to Marcus & Millichap, the two-building facility sitting on 3.58 acres includes brewery production space, a taproom, commercial kitchen, cold storage and warehouse and office areas with dock-high loading.

It was built in 1972 and expanded and renovated over the years. The industrial configuration allows for continued brewery use or alternative flex and warehouse occupancy, the firm says in a statement.

Marcus & Millichap represented the trustee in the sale.

Big Storm, once a rising star in the region with new taprooms and awards announced regularly, filed for bankruptcy June 16 and one of its investors, Leo Joseph Govoni, was arrested later in the month and charged by federal prosecutors in an alleged $100 million fraud scheme. (Leo Joseph Govoni is the father of Big Storm’s owner L.J Govoni; the arrest and indictment was not directly connected to Big Storm.)

The brewery was founded in 2012 in Pasco County and added Big Storm Distillery in 2020. On May 30, 2023, the day an announcement was made that it had been named distillery of the year in Florida at the New York International Spirits Competition, it was operating five taprooms across the state — in Clearwater, Ybor City, Orlando, Odessa and Cape Coral.

By late 2024 only two remained open and soon after the company filed for Chapter 11 bankruptcy.

According to the initial filing, it had between $1 million and $10 million in debt at the time with less than $50,000 in assets.

Leo Joseph Govoni, meanwhile, is awaiting trial for a scheme prosecutors allege involved stealing more than $100 million from, and ultimately bankrupting, a nonprofit organization in Clearwater that managed funds for vulnerable individuals with special needs and disabilities.

Prosecutors say he used the money to buy real estate, travel via private jet, make deposits in his personal bank accounts, pay debts and invest in Big Storm.

Marcus & Millichap James Defusto, Darpan Patel and Dan Yozwiak represented the seller. 

The firm says the sale was “conducted in coordination” with chief restructuring officer Joshua Rizack and bankruptcy counsel Jake Blanchard.