Newspaper article Sarasota Herald Tribune

Business Buzz

Newspaper article Sarasota Herald Tribune

Business Buzz

Article excerpt

On water, really close to big mall

The Edgewater Resort Apartments, on the Manatee River across the road from the massive Ellenton Premium Outlets mall, is scheduled to be sold at auction Thursday by the Manatee County Clerk of Court.

Cadence Bank won an $892,840 foreclosure judgment against Mathie Investments LLC, an Ellenton company managed by Clayton Sponseller.

Mathie Investments borrowed the money in August 2004 against the Edgewater apartments, a collection of 17 waterside apartments at 5903 18th St. n Ellenton that Sponseller bought for $640,000 in May 2000.

Sponseller is certainly not the only resort owner who has suffered financial troubles in recent months.

Sunny Enterprises of Florida LLC, a Sarasota company managed by Kalavatiben Patel, defaulted on a $1.038 million loan last month. Patel borrowed the money in April 2005 against a 72-room hotel at 4800 N. Tamiami Trail in Sarasota that he bought for $3.3 million in July 2004.

On Anna Maria Island, Luper Enterprises Inc., a Sarasota company managed by Gayle Luper, filed for Chapter 11 bankruptcy protection in May to keep Fifth Third Bank from seizing her Bungalow Beach Resort. Fifth Third won a $4.5 million foreclosure judgment against Luper's company in April.

-Michael Braga

Waechter nearly doubles money

R&J Deacon LLC, a Sarasota company managed by Robert Waechter, has sold a 4,440-square-foot light industrial warehouse at 6015 Deacon Place in Sarasota to Deacon Place LLC for $325,000.

Waechter's company bought the building out of foreclosure for $190,000 in April.

The previous owner, Douglas Swimm, paid $275,000 for the building in January 2002 and lost a $722,925 foreclosure judgment in May 2011.

Deacon Place LLC is a Sarasota company managed by Santo Vilardi

Luxury builder losing warehouse

American Momentum Bank has won a $764,060 foreclosure judgment against Eco Technologies Inc., a Sarasota company managed by luxury builder Peter G. Laughlin.

Laughlin borrowed the money in March 2008 to finance his $605,000 purchase of 6,000 square feet of warehouse space at 2101 47th St. in Sarasota.

The Sarasota County Clerk of Court has set the foreclosure sale for Thursday.

Sarasota County picks up 81 acres

Venice Minerals & Mining LLC, a Laurel company managed by Charles T. …

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