In fact, Lake County real estate department staffers tell GlobeSt.com, Yizhak Toledano, a principal in Toledano Holdings, Hollywood, FL, is just a name and a checkbook to them at this time.

Toledano was the only write-in bidder for the vandalized 176-unit property. His bid: $350,000. The sale is scheduled to close in June. The price equates to $70,000 per acre or $1.60 per sf.

The property was appraised at $500,000 in 1999, according to the South Lake Chamber of Commerce. Renovation costs were put at $1 million.

"So far as we know, the closing date is still on the calendar," a Lake County administrative staffer tells GlobeSt.com on condition of anonymity.Toledano couldn't be reached at GlobeSt.com's publication deadline to learn his plans for the buildings and the land. A person answering his residential phone said Toledano would return the call.

But Clermont, FL area brokers tell GlobeSt.com the property is suitable for a large retail or restaurant venture, not another hospitality project because it is 15 miles from the Walt Disney World corridor where hotels and motels are currently fighting for survival.

The 28-year-old structure opened as a hotel and nightclub in 1973 and as a timeshare resort in 1983. The venture closed in 1993 after former owners filed for Chapter 11 protection under the U.S. Bankruptcy Code.

Lake County sued to collect $600,000 in delinquent property taxes from former owners. A Lake County Circuit Court judge gave the asset to the county in November 2001 when nobody challenged the suit.

Instant Insights /

Mystery Buyer Picks Up Shuttered Timeshare Tract for $1.60 per SF

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