Tuesday, April 19, 2011

Trouble in Paradise ?

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This is really old news; but it was new news to me when I found it last night. While researching the two lots WVID wants to buy at the SW corner of River Rd. and Hwy 41, I discovered that this land had been foreclosed on by M&I Bank from Fourth Quarter Properties. The property records referenced a civil court document as authority for the foreclosure action. Well, I found the public notice for that foreclosure action in a July 19, 2010, Sarasota Sun Herald Tribune newspaper public notice:

July 19: Transactions, foreclosures, etc.

Published: Monday, July 19, 2010 at 1:00 a.m.
Last Modified: Friday, July 16, 2010 at 11:11 a.m
... Marshall and Ilsley Bank vs. Fourth Quarter Properties XXXIV et al,$3,680,648.45, In Sect. 34, Tws. 39, Rng. 20, 2009 CA 017074 NC. ...
It looks like Fourth Quarter Properties lost $3.68 million worth of land to foreclosure. Not just the two parcels at River Road. County property records still show Fourth Quarter Properties as owner of all the remaining WVID land so I'm guessing this foreclosure action involved other land owned by them.
This is just the tip of a gigantic iceberg. I Goggled Fourth Quarter Properties this morning and found that a number of its projects around the country are now in Chapter 11 Bankruptcy:
As of today, WVID is not one of them; but now I'm starting to wonder if Fourth Quarter Properties will join Gran Paradiso as a tax delinquent for 2010?
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1 comment:

Eddie Wadsworth said...

I hate to say it- but anyone who would buy anything at this point within the WVID is out of their minds!

One only needs to look at how the WVID has taken good care (NOT) of the money spent on the disastrous US41 Landscape enhancement project. Even when they have money, they can't do anything right.

You are absolutely right about this just being the tip of the iceberg. The coming months should be interesting.

April 19, 2011 at 8:25 PM

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