The residential association at condo-hotel One Bal Harbour emerged victorious in Wednesday’s bankruptcy auction for the development’s common areas and nine units.
After five hours of negotiations, the association beat out former owner Tom Sullivan with a $13.4 million bid, South Florida Business Journal reported. Sullivan is the founder of Lumber Liquidators. He previously owned One Bal Harbour through Elcom, a partnership.
Elcom entered a slightly higher bid of $13.5 million, but threats of objections to the bid by the association would have diluted its total value. Stoneleigh Capital of Connecticut opened bidding at $12.9 million but declined to submit any additional bids.
WCI Communities originally opened One Bal Harbour four years ago. The condo-hotel was sold to Elcom through WCI’s bankruptcy case. [South Florida Business Journal] — Eric Kalis