Ultimate Escapes to fully pay first mortgage with condo sale proceeds

By Lisa Kerner

Charlotte, N.C., Dec. 21 - Ultimate Escapes Holdings, LLC debtor Private Escapes Platinum Link, LLC was granted court approval for the private sale of a condominium unit located at 310 W. 52nd St., Unit 1B/SU-103, in New York to Shweta Modi for $1.75 million, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Countrywide Bank, FSB and Richard V. Keith Jr. both hold interests (first and second mortgage, respectively) in the property.

Proceeds from the sale will be used to pay the first mortgage in full.

In addition, about $56,169 will be held in an interest-bearing escrow account on the second mortgage pending a judicial determination of that mortgage's validity and priority, according to the filing.

Ultimate Escapes, a Kissimmee, Fla.-based destination club operator, filed for bankruptcy on Sept. 20. The Chapter 11 case number is 10-12915.

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