East Coast Brokers auctions glean $55 million

08/20/2013 09:02:00 AM
Doug Ohlemeier

The first three auctions of the assets of the defunct East Coast Brokers and Packers Inc., have brought more than $55 million.

In Aug. 15-16 and Aug. 19 auctions, bidders bought the assets of the Mulberry, Fla.-based East Coast and property from its owners, the Madonia family.

East Coast Brokers & Packers The first two auctions in Lakeland, Fla., saw buyers bid $48 million for thousands of acres of Florida farmland and packing facilities, worker camps and other agricultural assets, according to a news release.

Bidders offered $3.7 million for the Madonia-owned Red Rose Inn & Suites hotel in Plant City, Fla., and other non-agricultural assets.

As part of the Madonia’s bankruptcy, five homes and other properties garnered $2.6 million, which included two $1 million luxury resort homes, in the third auctions in Virginia.

Carl Carter, a spokesman for auctioneer Murray Wise Associates, said he couldn’t reveal the names of the winning bidders until approved by the U.S. Bankruptcy Court of Florida in Tampa.

The Chapter 11 trustee accepted all bids except for the motel, he said.

Carter said both days of bidding attracted high interest.

An Aug. 20 auction is scheduled to try to sell 31 Virginia farmland properties totaling 3,228 acres as well as produce packinghouses, worker camps and other homes.



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