(ORLANDO, FL) -- Condo Developers LLC today beat out Greenwich, CT-based Starwood Capital and Orlando, FL-based Tavistock Group with a bid of $25.9 million for 165 unsold luxury condominiums and 7,972 square feet of vacant ground-floor retail space at The Vue in Downtown Orlando.
The assets were in Chapter 11, previously protected by the U.S. Bankruptcy Code.
Based on the 165 condos alone, the relatively unknown winning bidder paid $156.69 for unit for condos that initially were priced in the $300,000 to $3 million range when they were constructed in 2007 at 150 E. Robinson St., overlooking Lake Eola.
The fast-paced auction was over in 20 minutes. The initial bid of $20.5 million was made by Blue Key Investments LLC of Lake Worth, FL.
Tavistock then bid 24.5 million. Starwood Capital followed with $25.8 million. Six other bidders in the nine-bidder field dropped out after the initial bid was raised.
Tavistock, controlled by international billionaire Joe Lewis, had previously offered $21 million days before the auction was held.
Please see related Real Estate Channel postings:
- Tavistock Group Offers $21M for 165 Unsold Condos and Retail Space at The Vue in Downtown Orlando, Mar. 15, 2010
- Orlando's $100 Million Vue Luxury Condo Tower Goes on Auction Block March 15th, Jan. 7, 2010
- US Condo Roundup: Orlando's Vue Awaits Bankruptcy Ruling, Oct. 14, 2009
Condo Developers LLC is believed to be a Florida company but was not registered with the Florida Department of Corporations as of today, according to a Real Estate Channel search.
The original developer, The Vue Orlando LLC, owed $53 million on the project.
The auction was directed by Lamar Fisher, president, Fisher Auction Co., Pompano Beach, FL.
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