There are only 2,300 hotel rooms in the entire county of 250,000 permanent residents. Groveland is 25 miles west of Downtown Orlando which has 119,000 hotel rooms in nearby Orange County.

The 28-year-old, five-building property, north of Clermont, FL on U.S. 27 and State Road 19, opened as a hotel and nightclub in 1973 and as a timeshare resort in 1983. The venture closed in 1989 after the former owners filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

The owners didn't pay property taxes for 10 years and rang up a delinquent bill of $600,000. Lake County sued to collect the money. A Lake County Circuit Court judge gave the asset to the county in November 2001 when no other bidder appeared at a public auction.

Yizhak Toledano, a principal in Toledano Holdings, Hollywood, FL, bought the property from the county on Dec. 14, 2001 on a write-in bid of $350,000 or $70,000 per acre ($1.60 per sf). The property was appraised at $500,000 in 1999, according to the South Lake Chamber of Commerce. Renovation costs then were estimated at a minimum $1 million.

Toledano later deeded the property to I.E.Y. Real Estate Investments for an undisclosed amount. Toledano and David Morrow, I.E.Y.'s regional manager, couldn't be reached at GlobeSt.com's publication deadline to learn who will manage the property which is expected to have a restaurant, lounge and banquet and meeting space.

Instant Insights /

Ex-Ramada Inn Slated for $1M Renovation Near Groveland

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