Originally Posted by Jupiter Sunsation (Post 3836086)

Update: Last Wednesday, on Dec 5, an auction for Shooter's Waterfront Cafe and Bootlegger drew a $5.3 Million bid. FirstBank holds an $11.3 Million judgement. A bank appraisal listed the property value at $9.2 Million, while Shooter's owners listed it at roughly $6 million.

The winning bidder was FirstBank, who held greater than $11 million judgement against the place. I'm not sure how that works; if the bank now owes itself money, but it's not very exciting for us. Because basically nobody owns the place that's going to open anything that we should care about.

Shooters Waterfront Saloon has been an icon since back in the spring break days in the 80's, but soon it will be no more. They filed for bankruptcy in July.




So basically someone bid up to 5.299 and the bank stepped up and outbid them to retain the property but got a clear title in the process. Same thing happened with Hideaway Marina a few years back. Bank will then relist the property for sale and it is now lien free. 2+ years later the bank is still running Hideaway while still trying to sell the marina so this might happen with Shooters as well.