Half-Built Fla. Resort's $39M Sale Gets Court Approval

By Carolina Bolado (August 17, 2018, 6:23 PM EDT) -- A Florida bankruptcy judge signed off Friday on a $39.1 million sale of a stalled Fort Lauderdale resort partially built with $30 million from the EB-5 immigrant investor visa program.

U.S. Bankruptcy Judge Raymond B. Ray approved the sale of the Las Olas Ocean Resort, a planned 136-room hotel that is 70 percent complete, from bankrupt 550 Seabreeze Development LLC to stalking horse bidder MHF Properties VI LLC.

"The purchase price is fair, is in the best interest of the debtor's estate and constitutes full and adequate consideration and reasonably equivalent value for the property," Judge Ray said in his order....

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