FORT LAUDERDALE, FL-Gibbons Financial based in St. Petersburg has purchased 14 hotel condominiums in the Ritz-Carlton located at 1 North Fort Lauderdale Beach Blvd. from CG Condo Hotel Investment for $3.9 million in a short sale. The sale price was 62% lower than the condos' loan value. In February 2011, CG Condo sued in a $10.3 million foreclosure case filed by Hancock Bank, which aimed the 14 condos.
The bank withdrew the lawsuit after the sale of the 14 units. For the full story, go to South Florida Business Journal .
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