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Paradise Preserve off the auction block

By Staff | Apr 22, 2009

Paradise Preserve, the former Lochmoor Estates in North Fort Myers, did not sell at auction April 14. Lender Marshall Investments Corp. took the property back after the highest bid was only $650,000.

The auction was conducted by the U.S. Marshal’s Office at the Lee County Courthouse.

The foreclosure filing that prompted the auction is noted as the largest in Lee County history. In the case of the Marshall Group versus Paradise Preserve LLC, $71 million was the amount lent to developer Paradise Preserve LLC in 2005 for the redevelopment of the golf course and marina, which now tops $94 million in loans plus interest and fees.

Plans included building three 26-story condominiums, improving the property’s marina and developing a $22 million golf course, but the project was never completed.

Part of the property includes what is hoped to be a revitalized Paradise Marina. While other parts of the planned development are not progressing, manager Steve Jacobs said his marina, now under new management for several months, is improving.

“We are still looking for boaters and have actually reduced our rates in an effort to increase our boat storage,” he said.

For information on the marina, call 997-1603.