An empty plot of land in downtown Fort Myers that was supposed to be home to a luxury condo development housing 220 families sold for just $100.
Prima Luce went into foreclosure last year after the developer failed to pay up on his promises to build two towers on a prime piece of riverfront property nine years ago.
Similar to an eBay auction, Prima Luce sold in under a minute. According to a certificate of sale, it went back to the lender, Fuse Financing.
No one else bid on the project and Lee County Clerk of Courts Kevin Karnes said that may be for a good reason.
“In foreclosure cases, there is a lean against the property, so the winning bidder of the property likely would also assume the lean or the debt of $37 million,” Karnes said.
Simply put, no buyers wanted to incur that much debt. Something developer Bob MacFarlane predicted before the sale.
“Someone at an auction would never pay what's owed,” MacFarlane said.
When asked what would happen next, MacFarlane said on Thursday he would continue with the purchase of the property. He claims he has 10 days to close on the deal, and he said he's working with an investor to make it happen.
“We have a real president of a large industrial complex. They have now gotten a real genuine offer to pay them off,” MacFarlane said.
However, the clerk of courts questioned MacFarlane's claim to win back the property pointing out he has seen no proof of that.
“I've heard some rumors that there was a 10-day grace period for the defendant. If there is one, it is not with the clerk's office at this point. The case is concluded,” Karnes said.
That is a worry for many condo investors like Christine Campbell.
“I'm looking to get my escrow money back,” Campbell said.
She has hired an attorney to help her do that. Others like Dan Payson, who also bought a unit, have asked FMPD’s financial crimes unit to investigate the Prima Luce development.
“There's a lot to sift through, but I have all the confidence that they'll find something,” Payson said.
MacFarlane insisted he has nothing to hide.
“There were a few buyers that were disgruntled, and I think maybe they made claims they know are inaccurate,” MacFarlane said.
He insisted he would finish the project. Campbell said she believes MacFarlane is continuing to kick the can down the road.
Condo investors now must wait to see where they can land next.