From the News Press: North Fort Myers country club on the auction block.
The old Lochmoor Country Club in North Fort Myers will be auctioned April 14 on the courthouse steps for more than $94 million - the biggest foreclosure in Lee County history, according to local real estate experts
The auction won't bring close to the $94 million, which consists of $79.1 million in loans plus interest and fees, said Fort Myers real estate broker Ed Bonkowski, who handled the Sheraton's sale in 1990.
Essentially, he said, the property is "a nondescript golf course and the water views" for homes that could be built there.
It probably would go for about $7 million, Bonkowski said.
So it will be auctioned for $94M but is likely to go for $7M. Chances are that anyone who is paying even that much is taking a hell of a risk because it's a freakin' golf course. If there's something that is disposable in this climate, it's a golf membership even if you're a golf fanatic (you can always play by paying cash.)
$94M to $7M.
Now that's a real fuckin' haircut!
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