The Real Deal New York

Gurney’s buys out timeshare owners to take full control of Montauk hotspot

April 11, 2018 03:17PM

George Filopoulos, owner of Manhattan-based Metrovest Equities, approved a plan to buy out the timeshare owners of Gurney’s Montauk Resort and Seawater Spa to take full control of the inn. Filopoulos, with his company 290 Old Montauk Highway Associates, bought the oceanfront resort in 2013. CBRE appraised the property at $84 million and Filopoulos’ company used that number to calculate the amount each shareholder will get paid out — $11,881 per 100 shares, which The East Hampton Star reported is equivalent to about a week’s stay at the property. Many were happy with the way things shook out, but an Arizona-based timeshare owner is pushing forward with a lawsuit claiming the $84 million valuation is too low. [East Hampton Star]