Levitt and Sons eyes $4.25 million sale of Georgia planned communities

By Lisa Kerner

Charlotte, N.C., Feb. 25 - Levitt and Sons, LLC's Wachovia debtors' chief administrator requested court approval of the proposed $4.25 million sale of their Paulding County, Ga., assets, according to a Thursday 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.

Little River Capital, LLC and Jackson Investment Group, LLC are the stalking horse bidders. If neither is the high bidder, the debtors have agreed to pay them a $125,000 break-up fee.

According to the motion, the Paulding County assets are a pair of planned communities.

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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