The Real Deal Miami

Foreclosed resort casts onward

February 10, 2009 11:37AM

Fishermen and tourists still flock to the Holiday Isle Beach Resort and Marina in Islamorada, but foreclosure means this may be the resort that got away. Known for its World Famous Tiki Bar, the Holiday Isle was sued for foreclosure at the end of last month when Delaware-based VII Holiday Isle Funding sued in Monroe County Circuit Court to recover $77 million loaned to West Palm Beach developers for a condo-hotel project that never got off the ground. Adam Schlesinger and his development company, Ceebraid-Signal, put together the eye-popping deal for Holiday Isle in April 2006, before the skyrocketing real estate market crashed. Construction has been delayed indefinitely.