Deeds and WeedsDecember 17, 2009

Grenelefe Back on the Market

Florida's Grenelefe Golf & Tennis Resort, once the crown jewel of the Tampa market but now fallen on hard times due to the struggling real estate market and damages inflicted by Hurricane Charley in 2004, is for sale. Details in this article in the Tampa Bay Business Journal.

Grenelefe is currently owned by Westgate Resorts, one of the biggest companies in the time-share industry, which bought it at foreclosure five years ago. A recent deal to sell the property for $50 million fell through, and according to the story, Westgate doesn't expect to fetch anywhere near that amount this time.

"They're looking for fair market price," a real estate analyst told Tampa Bay Business Journal.

-- G.R.