Palm Beach timeshare resort sells out of bankruptcy for $10M

West Palm Beach firm bought the Palm Beach Resort & Beach Club, following its condo association’s bankruptcy filing last year

Miami /
Mar.March 11, 2022 02:30 PM

Palm Beach Resort & Beach Club at 3031 South Ocean Boulevard (Google Maps)

Copperline Partners paid $9.8 million for a former timeshare resort on Palm Beach’s waterfront.

In a bankruptcy sale, an entity controlled by Copperline Managing Principal Adam Schlesinger bought the Palm Beach Resort & Beach Club at 3031 South Ocean Boulevard, according to records. West Palm Beach-based Copperline, a commercial real estate firm, financed the purchase with a $5.7 million loan from Maxim Credit Group.

The resort’s condominium association, as the debtor in possession, sold the two-story, 29-unit building. Palm Beach Resort & Beach Club was completed in 1982, records show.

U.S. Bankruptcy Court Judge Erik Kimball approved the sale in February, following the condo association’s June filing for bankruptcy liquidation. Schlesinger did not respond to phone messages seeking comment.

According to the condo association’s bankruptcy filings, the board of directors voted to sell the property to Copperline in May, about a year after 809 out of the 1,191 timeshare owners voted not to continue their timeshare ownership. At the time of its bankruptcy petition, the condo association had roughly $20,000 in unsecured claims and about $1.2 million in assets, the bankruptcy petition shows.

Ido Alexander, the condo board’s attorney for the bankruptcy, said the association was in good financial health. “Bankruptcy was a mechanism used to effectuate the sale in a more streamlined and effective approach,” Alexander said. “Now that the sale has closed, we are in the distribution process.”

Alexander said the sale proceeds and the association’s assets will be divvied up among the former timeshare owners.

Copperline owns six multifamily and hotel properties in Palm Beach, Sunrise, Tampa and Little Torch Key, as well as real estate assets in Connecticut, New York and Pennsylvania, according to the firm’s website.

Among the company’s Palm Beach properties is the Ambassador Hotel Cooperative Apartments, less than a mile north of the Palm Beach Resort & Beach Club. In 2019, Copperline bought the former co-op at 2730 South Ocean Boulevard in Palm Beach in a bulk deal for $35 million.

A year later, Copperline sold an apartment complex in Coral Springs for $75 million.





    Related Articles

    arrow_forward_ios
    Todd Michael Glaser; 1320 North Lake Way and 576 Island Drive (Todd Michael Glaser, Realtor, iStock)
    Todd Glaser, partners flip two waterfront Palm Beach estates for $70M
    Todd Glaser, partners flip two waterfront Palm Beach estates for $70M
    The Villa Paradiso at 1415 Collins Avenue and The Orchid House Hotel at 1350 Collins Avenue with Randall Smith of Alden Global Capital and Joe Nakash (Getty, Wikipedia)
    Boutique South Beach hotels trade amid heightened demand
    Boutique South Beach hotels trade amid heightened demand
    The property at 102 Jungle Road with Ivana Trump and Tomas Maier (Google Maps, Getty, Wikipedia)
    Ivana Trump’s former Palm Beach mansion sells for $73M
    Ivana Trump’s former Palm Beach mansion sells for $73M
    Michael Krymchantowski and a rendering of the Krymwood Hotel at 176 Northwest 28th Street (MKDA, Krymwood, iStock)
    Brazilian investor gets Miami board’s OK to build Wynwood hotel
    Brazilian investor gets Miami board’s OK to build Wynwood hotel
    Todd Michael Glaser
    Watch: Todd Michael Glaser on developing dream homes for billionaires
    Watch: Todd Michael Glaser on developing dream homes for billionaires
    Douglas Elliman's Scott Gordon with 2770 South Ocean Boulevard (Douglas Elliman, Google Maps)
    Auto dealership magnate Terry Taylor buys oceanfront Palm Beach condo
    Auto dealership magnate Terry Taylor buys oceanfront Palm Beach condo
    151 Chilean Avenue in Palm Beach (Realtor.com, iStock)
    Billionaire bows out: David “Duke” Reyes, wife, sell Palm Beach home for $21M
    Billionaire bows out: David “Duke” Reyes, wife, sell Palm Beach home for $21M
    renderings of the proposed three-tower development on the site of an existing Hyatt and the James L. Knight Center on the Miami River at 400 Southeast Second Avenue, Miami (Arquitectonica, Gencom, LinkedIn)
    Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
    Third time’s a charm? Hyatt and Gencom unveil new plan for hotel, apartments on James Knight Miami River site
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...