Levitt and Sons unit seeks approval of $9.6 million Shelby County property sale

By Caroline Salls

Pittsburgh, Dec. 17 - Levitt and Sons, LLC subsidiary Levitt and Sons of Shelby County, LLC is seeking court approval of the $9.6 million sale of its Shelby County, Tenn., property, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

Hyneman Cos., LLC is the stalking horse bidder.

According to the motion, the property to be sold includes 319 acres and 63 lots located in the Vinings at Germantown subdivision.

Under the purchase agreement, Hyneman will also assume responsibility for improvements to be constructed in connection with the Vinings subdivision, including the installation of an entrance gate, and it will assume $29,930 due to Memphis Light, Gas and Water in connection with the installation of street lights in the subdivision.

Levitt's $580,000 letter of credit will also be returned, undrawn, to the City of Germantown.

If Hyneman is not the high bidder, Levitt and Sons of Shelby County will pay it a break-up fee of 3% of the purchase price and reimburse up to $50,000 of its sale-related expenses.

The company has requested a Dec. 19 hearing.

Levitt and Sons, a Fort Lauderdale, Fla.-based homebuilding subsidiary of Levitt Corp., filed for bankruptcy on Nov. 9. Its Chapter 11 case number is 07-19845.

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