The Treasure Island Yacht and Tennis Club, once owned by St. Petersburg business magnate Bill Edwards, has been acquired by California investor Andrew Tavakoli, the CEO of West Hollywood-based Tavaco Properties.
The acquisition was made through the special purpose entity created by Bank OZK, which held the title to the property after Edwards handed the keys back to the bank last year, the Tampa Bay Times reported.
John Burpee of Seminole-based John Burpee & Associates Inc. represented Bank OZK in the transaction, and his firm managed the asset after the bank assumed ownership.
The price was not disclosed. “They were an all-cash, fast-close buyer that could close in the bank’s timeframe,” he told the Catalyst.
Edwards, who had owned the club since 2009, transferred the title to the bank following the yacht club’s bankruptcy filing in late 2022. The club has remained closed since the summer of 2023.
The property, spanning about 7.7 acres, includes a 37,000-square-foot building, a 47-slip marina and six tennis courts. Amenities include a pool, tiki bar, restaurant, fitness center and event space.
Burpee received multiple offers from local and national buyers before finalizing the transaction, according to a news release.
Yacht clubs change hands from time to time.
Last spring, Safe Harbor Marinas spent $149 million to buy the Montauk Yacht Club from Gurney’s, Behind the Hedges reported. The acquisition was last year, but the price had not been previously revealed.
It’s a record in numerous ways. The highest price for a Hamptons hotel sale had been another deal last year, for the 96-room Marram Montauk. That property traded for barely half as much as the Montauk Yacht Club, which regained its former name after operating as Gurney’s Star Island Resort & Marina in recent years.
— Ted Glanzer
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