Tied in with the auction date is a deal Brazilian developer Sergio Naya has cut with the court and Orlando timeshare developer David A. Siegel to start paying off the $17 million first mortgage Siegel holds on the twin-building, 17-story, 408-unit Sandy Lake Towers.

Naya's first payment of $197,208 was due by 5 p.m. today. If it arrives, Siegel has told the court he will cancel an Orange Circuit Court-approved foreclosure auction scheduled for 11 a.m. Wednesday. Naya is paying off the Siegel mortage at 20% interest.

Siegel bought the first and fourth mortgages earlier this year from Arbor Commercial Mortgage Co. of New York. The Siegel mortgages were purchased through Investco LLC, a Boca Raton, FL-based company purportedly controlled by Siegel.

Naya's firm, Sandy Lake Towers Inc., voluntarily filed for Chapter 11 protection from creditors in August 2001, listing assets of $19,000 and debt of $20 million.

The construction of Sandy Lake Towers, started in 1991, is still incomplete. Orange County building department records show the project has been on the longest construction track in at least 25 years.