Levitt and Sons debtor sets bid procedures for $13.72 million Shelby County property sale

By Caroline Salls

Pittsburgh, May 20 - Levitt and Sons, LLC debtor Levitt and Sons of Shelby County, LLC requested court approval of the bidding procedures for the proposed $13.72 million sale of property in Shelby County, Tenn., according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

Hyneman Cos. LLC is the stalking horse bidder. If Hyneman is not the high bidder at auction, Levitt will pay it a $275,000 break-up fee and expense reimbursement.

The property includes 26.1 acres and 224 lots located in five subdivisions.

Competing bids are due at 4 p.m. ET on June 10, and all bids must include a $250,000 deposit.

Initial competing bids must be for at least $300,000 more than the stalking horse bid.

The first overbid at auction must be for at least $150,000 more than the initial overbid, and subsequent bids must be for at least $50,000 more than the previous bid.

The auction will be held June 12, and the sale hearing is scheduled for June 16.

Levitt has asked the court to schedule a hearing on approval of the bid procedures for May 22.

Levitt and Sons, a Fort Lauderdale, Fla.-based homebuilding subsidiary of Levitt Corp., filed for bankruptcy on Nov. 9, 2007. Its Chapter 11 case number is 07-19845.

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