Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FERNANDINA BEACH, FL-The Jacksonville Business Journal reports that owners of the 1,350-acre Amelia Island Plantation Resort have filed for bankruptcy. The article notes that the resort will continue to operate during reorganization.

To assist with the reorganization, Amelia Island Co., which operates the resort, signed an agreement with Red Leaf Investors, a group of investors who own homes at the Plantation to provide an $18 million-to-$20 million debtor-in-possession financing. The company indicated to the judge at Florida’s Middle District of U.S. Bankruptcy Court that it would not have sufficient cash to meet payroll without the facility. The plan is for Red Leaf to eventually become long-term equity partners in Amelia Island Co., the article says.

The property, located about 30 miles north of Jacksonville in Nassau County, has been struggling with slowing occupancy of its rental units, along with a slowdown in leisure and travel since the financial meltdown in late September 2008. The article notes that revenues and profits have both fallen.

Amelia Island Co. attempted to reach a deal earlier this year with Redquartz Developments Atlanta, a subsidiary of Dublin-based Redquartz Developments Ltd. Redquartz offered $60 million for a 51% ownership stake in the resort, but ultimately couldn’t fund the transaction within Amelia Island Co.’s time frame.

The Plantation has a 249-room hotel, 49,000 square feet of meeting place, nine restaurants, 23 tennis courts and four 18-hole golf courses, among other amenities. The Jacksonville Business Journal says that, according to court documents, the asset’s 1,150 condos, 800 homes and 180 lots have an aggregate value of $1.95 billion.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. Multifamily Fall 2022Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.