I saw this today in Keysnews.com and it was no true surprise. I knew that when they bought it, the market just was not there to sustain the residences that they were proposing.
This is still a GOLDMINE location and if someone were smart they would either fix it back up and return it to it's former splendor (lol was it EVER splendorous??). But you know what I mean, bring back that Holiday Isle Magic, OR in light of the recent Cheeca tragedy create a competitive Luxury Resort on par to Cheeca as we are losing many of Cheeca's clientele because other than Ocean Reef, there isn't a suitable substitute for this type of clientele.
Anyways, I hate seeing Holiday Isle in such a state of disrepair as it is in now. I have been enjoying it since the 70's and it was even mentioned in the very first song that I wrote, so I would love to see new life breathed into it once again.
"Holiday Isle facing foreclosure
Holiday Isle Beach Resort and Marina, Islamorada's legendary party spot and once a center of the village's bustling charter boat industry, is facing foreclosure.
Several companies and individuals affiliated with property owner Ceebraid Signal Corp. have failed to make payments on $77 million in loans, according to a suit filed by financiers on Jan. 28.
Ceebraid, a West Palm Beach-based developer, acquired Holiday Isle in April 2006 for a whopping $98 million. The company had planned to redevelop the 151-room resort into a hotel-condominium with units starting at $1.2 million, but the project was killed by the crash of the real estate market. "
Several companies and individuals affiliated with property owner Ceebraid Signal Corp. have failed to make payments on $77 million in loans, according to a suit filed by financiers on Jan. 28.
Ceebraid, a West Palm Beach-based developer, acquired Holiday Isle in April 2006 for a whopping $98 million. The company had planned to redevelop the 151-room resort into a hotel-condominium with units starting at $1.2 million, but the project was killed by the crash of the real estate market. "
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Please visit FloridaKeysWaterfrontExpert.com for all of your Keys real estate needs!
Click here: FloridaKeysWaterfrontExpert.com
For a quick Search of available Properties in the Florida Keys, click here: Keys MLS Search.
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