Long Bar Pointe ? Google
Court records show that SBC Developments Lllp, the original developer of land along Sarasota Bay in Bradenton, ended up transferring its 523-acre project to its new business partners through two deals valued at $12.3 million.
Companies managed by? Manatee homebuilder Carlos Beruff and SBC?s head honcho ? Larry Lieberman ? were the buyers.
Lieberman?s started acquiring the land along the north end of Sarasota Bay in 2001 and later defaulted on $13.3 million in loans originated by the now defunct LandMark Bank.
Though the property was scheduled for sale at auction in July, Lieberman was able to complete the sale to the new joint venture before the auction date.?
Lieberman told the Herald-Tribune the deal ?was not a fire sale.?
He said the property?s prime location allowed it to retain its value.
Source: http://insiderealestate.heraldtribune.com/2012/07/16/12-3-million-for-the-long-bar-pointe-property/
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