U.S. Bankruptcy Court has approved the sale of the 200-acre Banyan Cay golf resort in West Palm Beach to Denver-based Westside Investment Partners for $102.1 million. The sale closes on July 25. The developer filed for bankruptcy in March to prevent foreclosure and blocked a $5 million mezzanine loan claim from EB-5 investors. Creditors will receive the proceeds of the sale, though the debtor says the biggest issue is how to divide the money.
South Florida Business Journal article (subscription required)