Two executives of a troubled timeshare exit company sold a waterfront Fort Lauderdale spec home for $7 million, four months after their company filed for Chapter 11 bankruptcy.
Shyla and Eric Cline, founders and executives at a timeshare exit company American Resource Management Group, sold their 10,274-square-foot mansion at 2506 Barcelona Drive for about $681 per square foot, records show. James G. Bennett and Maureen Bennett are the buyers.
The two-story, seven-bedroom and seven-bathroom mansion features a pool and a dock with views of the Intracoastal Waterway in the Seven Isles section of Fort Lauderdale.
Tim Elmes of Coldwell Banker represented the seller, while the buyer was represented by Michelle Esposito of Douglas Elliman.
The Clines’ American Resource Management Group filed for bankruptcy in April after it faced lawsuits from companies in the timeshare business, including Bluegreen Vacations and Wyndham Resorts, alleging it defrauded customers. Timeshare exit companies claim that they can get timeshare owners out of their contracts for large upfront payments, but they have come under scrutiny by the Better Business Bureau.
The Clines bought the home for $6.4 million in 2017 from a company tied to Fiorenna and Aldo Israel who lead Premier Home Builders, property records show.
Premier Home Builders paid $1.6 million for the 13,933-square-foot lot in 2015, and started construction a year later, records show.