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Georgetown sells for just over $2 million at auction

Tampa Bay Business Journal - by Michael Hinman Staf Writer

The South Tampa property where more than 1,200 luxury homes were planned was sold at a bankruptcy auction Wednesday for just over $2 million.

LaSalle Bank and its new owner Bank of America (NYSE: BAC) won back the former Georgetown Apartments property off South West Shore Boulevard it had originally loaned $125 million, or $772,000 an acre, for in 2005.

The auction took place at the Hillsborough County Courthouse and was mixed in with single-residence auctions, many of which sold back to the bank for $100.

A LaSalle Bank representative placed an initial bid of $100 for the Georgetown property but had immediate competition from Robert Moreya from an LLC known as CRP II, who bid $1 million. After LaSalle topped that bid by $1,000, Moreya increased his bid to $2 million but stopped when LaSalle added $100 to the bid. The bank was owed at least $90 million on the property.

Motta Group previously purchased the property just north of where New Port Tampa Bay and the Westshore Yacht Club was supposed to be built with plans to construct 90 canal-front homes, 188 townhouses and 971 condominiums.

The site is currently home to more than 650 rental units that are unoccupied.


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