Levitt and Sons' $15.65 million Lee County property sale approved

By Caroline Salls

Pittsburgh, Feb. 6 - Levitt and Sons, LLC obtained court approval of the $15.65 million sale of its Lee County, Fla., property to SHR Bonita Springs, LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

If SHR Bonita Springs fails to meet the closing conditions, the property will be sold to back-up bidder BNYH Bonita, LLC. BNYH Bonita, which was also the stalking horse bidder, submitted the second highest bid at $15.35 million.

Under the bid procedures, since BNYH was not the high bidder, it is entitled to $100,000 for reimbursement of its sale-related expenses.

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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