Levitt and Sons debtors look to sell community for $12.4 million

By Caroline Salls

Pittsburgh, Nov. 9 - Levitt and Sons, LLC's Wachovia debtors' chief administrator requested court approval of the proposed $12.4 million sale of their Lake Lanier assets, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The Wachovia debtors include Levitt and Sons of Horry County, LLC, Levitt and Sons of Hall County, LLC, Levitt and Sons of Cherokee County, LLC, Levitt and Sons of Paulding County, LLC, Levitt and Sons at World Golf Village, LLC and Levitt and Sons of Manatee County, LLC.

Kolter Group, LLC is the stalking horse bidder. If Kolter is not the high bidder, the debtors have agreed to pay it a $320,000 break-up fee.

According to the motion, Lake Lanier is a planned community of single-family homes.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.