Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
After racking up approximately $41.7 million in debt and filing for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Middle District of Florida on August 29, Orlando-based Primeland Real Estate Development LLC is seeking judge’s approval Lori Vaughn to sell his most important asset: a nearly 10-acre parcel in Kissimmee that is home to a stalled condo-hotel project, according to court records.
The proposed bidding procedures require a 50-day marketing period, during which Fisher Auction Co. and its strategic partner HREC Investment Advisors will solicit bids for the property. The two companies collaborated on the Crowne Plaza Orlando Universal Boulevard auction that spawned Hotel Landy.
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Court documents also show the following:
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