How did Klauber retaliate?
Klauber retaliated by suing the owners to force them into paying the $12 million. In response, the association filed for Chapter 11 bankruptcy for itself later that same year. Eventually, Klauber would file for Chapter 11 bankruptcy for the resort as well.
When did Klauber buy Longboat Key?
Within a year of his visit, Klauber and his family moved to Longboat Key. By 1969 , he had purchased the Colony resort along with a business partner for $3.5 million, turning it into the first “tennis-centric resort” in America. Nick Bollettieri started his tennis academy there when he was an instructor at the Colony.
Why was the resort at the beach abandoned?
Due to bankruptcy cases, lawsuits, and a large number of other litigations, the resort was left abandoned for years. Chuck Whittall, president and founder of Orlando-based Unicorp National Developments, purchased The recreational property for $22 million in 2016.
When did Klauber set up the tennis resort?
Up to 2004, the Colony was recognized as the No. 1 tennis resort in the country by Tennis magazine for eight consecutive years. Around 1973, Klauber set up the resort to be the state’s first condominium hotel rental partnership agreement. What this meant was that if you purchased one of the 237 units at the time, ...
When did Klauber pay taxes?
Between 1973 and 1984, profits were split 50/50 between Klauber and the owners, while the owners were responsible for paying their own taxes and insurance on the units and paying assessments to the association. That changed in 1984 as Klauber would pay all the taxes, insurance and maintenance costs as well. If there were any profits ...
When was the Sarasota colony built?
The Colony was first constructed in 1952 by Sarasota developer Herb Field, which was then a collection of charming beach cottages and a popular restaurant and bar. It already had a national reputation at the time for its Bohemian beach elegance, its all-black wait staff who served flaming tableside dishes, and its Juilliard-trained pianist.
Does Unicorp own condominiums?
Despite the demolition, construction still can’t begin as Unicorp would have to own at least 95% of the condominiums to claim ownership of the property as a whole.
