Foreclosure property leveraged to profitable development

This property was a foreclosure. We purchased the corporation and filed the corporation into Chapter 11 bankruptcy to stop the foreclosure sale, until we had time to either refinance or settle with the current existing mortgage holder. After several months we were able to renenogiate a refinance program with the existing individual mortgage holder. We were able to purchase the property for about 20% of its value by having the experience and knowledge about foreclosures, as well as partnerships, and refinances, if necessary. The bankruptcy filing ultimately saved the property for us and without that there was not enough time to refinance prior to the foreclosure sale. Purchasing the corporation that acutally owned the property gave us the leverage position that could not have been handled otherwise. The LLC that held title to the property had no other assets or liabilities so a lesson in this is if you buy substantial parcels of property you should title it in a separate entity in the event that you find yourself or someone else in a similar position as this. Each of these complicated real estate transactions that we have been involved in in the last 45 years has contributed to our tremendous curve. We were able to accomplish this without any of our own money even though there was a $500,000 mortgage on the property. We currently have the property listed for sale for $6,250,000 and have recently gotten it approved for concurrency to develop 330 single and multi-family units. With an excellent location convenient to major highways and to St. Augustine and Jacksonville, Florida, this property allows residents to take advantage of the the amenities of the northeast Florida coast, its recreation and the quality of life.