Despite a signed offer of $1.5 million for Plant City’s Red Rose Inn & Suites, the future of the hotel and banquet center still remains unclear.
Last week, Louis Spiro, who lists a Pinellas Park address, agreed to buy the Red Rose for $1.5 million.
However, as of press time Dec. 23, that deal had not closed.
“There is no change in the status,” said Carl Carter, of Murray Wise Associates LLC, the agricultural real estate marketing and financial advisory firm that assisted East Coast Brokers and Packers Inc. and the Madonia family with their Chapter 11 bankruptcy proceedings. “Things do not always happen on anticipated timelines, especially this time of year.”
The Red Rose was the final piece of property to be sold following a series of live and online auctions of the assets real-estate and equipment assets of East Coast Brokers & Packers.
The auctions were handled by Murray Wise, with partnerships with Crosby and Associates, Inc., and Woltz & Associates on the real estate auctions and with Weeks Auction Co. Inc., for the sales of the equipment.
The assets included more than 13,000 acres of farmland, packing facilities, labor camps and equipment, primarily located in Florida and Virginia.
The sales totaled $75.8 million before the sale of the Red Rose. Evelyn and Batista Madonia, the owners of East Coast Brokers and Packers, filed for Chapter 11 bankruptcy in March. The exact figure of what they owe to creditors is at least $100 million.
Spiro’s offer of $1.5 million is $600,000 less than the $2.1 million high bid received during the Aug. 16 live auction, at the Lakeland Center. That original high bid was rejected because of financial terms.
Contact Michael Eng at meng@plantcityobserver.com.