The Real Deal Miami

Ex-Lehman execs buy Canyon Ranch, report claims

Financial giant denies deal and expects "robust demand"

August 14, 2013 02:00PM

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Canyon Ranch Miami Beach

Canyon Ranch Miami Beach

UPDATED, 3:35 p.m., Aug. 14: Two former Lehman Brothers executives have purchased the Canyon Ranch Hotel & Spa Miami Beach and the next door Golden Sands hotel site, Curbed reported, citing an unnamed “insider” resident.

Lehman Brothers Holdings, the estate of the bankrupted Lehman Brothers bank, vehemently denied the report in a statement to The Real Deal: “There is absolutely no truth to this report.”

Tuesday, a subsidiary of Lehman Brothers Holdings put Canyon Ranch Hotel & Spa Miami Beach on the market along with its next-door neighbor, the development site of the long-shuttered Golden Sands hotel, as TRD reported. The properties are listed with CBRE.

“We anticipate robust demand in the marketplace,” the statement said.

The sale price of the Golden Sands site, approved for a condo development, was $9 million, Curbed said; the website did not give the sale price of the Canyon Ranch resort, stating the amount was unknown.

While still in bankruptcy, Lehman Holdings ended up the owner of Canyon Ranch, the swanky condo-hotel with a 65,000-square-foot spa, after developer Eric Sheppard defaulted on more than $200 million in loans. [Curbed]Emily Schmall

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