Preserving the Residential Character of Boca Teeca

Thursday, April 23, 2015

Foreclosure Receiver in Control--for now

Rumors have been rampant over the past few weeks about what will happen to the Ocean Breeze property since the 2007 city approvals for development have expired.  Since there are no requirements for the property to continue to be operated as a golf course and hotel, what will happen to this property?

The foreclosure court case brought by Wells Fargo bank has resulted in a receiver being appointed in order to preserve the property value to the bank since this is their collateral on their loan.  The receiver is a company that appeared to be affiliated with the Arnold Palmer golf course mgmt co. in the past and the receiver company is run by Jon Whittemore from the Dallas, TX area.  Mr. Whittemore's bio indicates a long list of managing troubled golf courses, including PGA National,  Weston Hills CC & TPC Eagle Trace in the south Florida area.

So, if you need to know the short term operating plans for the property,  then residents could contact Mr. Whittemore at Advance Golf.  It should be noted that Advance golf lists several properties and their business model indicates they are here to help golf course owners transition their properties from being a burden into an advantageous asset.  Their business claims to pay the golf course owner for the operation of the business.

This sounds very positive but ultimately the foreclosure will be completed and Wells Fargo bank will sell the property,  so the long term outlook is very uncertain at this time.

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