The Windermere property that was once the planned site for a 10-home subdivision is being sold in an auction later this month.
An ongoing saga with the Rosser Reserve property in Windermere and its many challenges may finally be coming to an end — or starting a new chapter.
Nine parcels that make up the Rosser Reserve property off Conroy Windermere Road will be put up for sale in an auction Wednesday, Aug. 21, at Windermere Town Hall.
The property was intended to be a boutique, 10-home subdivision, but the lots did not sell. As a result, part owner Sue Prosser filed for bankruptcy.
The filing led to a legal battle between Prosser and majority owner Timothy Green, which was settled eventually.
With the bankruptcy still in effect and lingering carrying costs taking their toll, Green said it is for the best that the lots be sold in hopes of creating a new opportunity.
“It brings in some new blood, if you will, to liquidate (the property),” Green said. “(It) may lessen the burden for us, and we may be able to build or get the project going. I think the auction is hopefully going to be a great thing.”
Real-estate broker and auctioneer Robert Ewald, of Ewald Auctions, was appointed as a plan administrator by the federal bankruptcy court to help bring forth a resolution.
“I know that they were struggling, and there were some disagreements from the owners of the debtor, Rosser Reserve LLC,” Ewald said. “Because of that, it just wasn’t working how they wanted it to work. One of the owners actually put the company into bankruptcy, hoping that that would come to some sort of resolution. ... I came in to, for a lack of a better answer, clean up the mess that was created and bring it to a conclusion.”
Ewald said the bankruptcy has gone on for about two years. In May, a reorganization plan was approved by the federal bankruptcy court that allowed one of two options: either having the owners redeem the property by paying everybody off in full or, in the event that they didn’t redeem, take it to an auction, sell it and pay everyone what the judge orders as pay.
Only nine of the 10 lots are up for sale, as the 10th lot was given to a partner in lieu of a cash payment, Ewald said.
The property is being sold free and clear of all liens, and the money acquired from the auction will be used to pay off three secured creditors and various other costs and fees, subject to the approval of the federal bankruptcy court, Ewald said.
The future of the property depends on how the auction transpires, Ewald said.
“Whichever way brings the most is how it’s going to sell, and what we’re going to present to the court for approval,” Ewald said. “That means I could have nine different buyers that all have plans to build houses on the property. It means I could have a developer come in and buy all of them and go pick up where they left off.”