Levitt and Sons requests court OK of bid procedures for $1.86 million Gainesville property sale

By Jennifer Lanning Drey

Portland, Ore., July 29 - Levitt and Sons, LLC requested court approval of the bidding procedures related to the sale of commercial property located at debtor Levitt-Hall's planned community in Gainesville, Ga., according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

Easlan Capital of Atlanta, Inc. has agreed to purchase 10 acres of the 16.5-acre property for $1.86 million.

The sale of the parcel is subject to higher and better bids.

Under the bidding procedures, initial overbids must be at least $100,000 more than the Easlan bid.

Levitt and Sons will pay Easlan an $80,000 break-up fee if it is not the high bidder.

The related hearings have not yet been scheduled.

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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