East Coast Brokers and Packers auctions yield $75.1 million in sales

By Caroline Salls

Pittsburgh, Sept. 6 - Efforts to sell the assets of East Coast Brokers and Packers, the Madonia family and related entities resulted in court approval of sales totaling more than $75 million, according to a release from Murray Wise Associates.

Murray Wise said the sale efforts included months of marketing and seven auctions.

Specifically, four live real estate auctions, an online real estate auction, two equipment auctions and the private sale of a condominium resulted in a grand total of $75.1 million in sale proceeds.

The U.S. Bankruptcy Court for the Middle District of Florida approved the sales on Thursday.

East Coast Brokers and Packers Chapter 11 trustee Jerry McHale said the auctions "exceeded expectations by every measure."

"This was an incredibly diverse group of properties, with farmland, luxury residences, processing plants and hundreds of machines, and it was a massive challenge just to organize it all," McHale said in the release.

"The creditors have recouped more of their investment than many people imagined."

According to the release, the sale total excludes a $2.1 million bid for the Red Rose Inn & Suites in Plant City, Fla., which was rejected.

Murray Wise of marketing and financial advisory firm Murray Wise Associates said his firm still hopes to get the Red Rose Inn sold.

Mulberry, Fla.-based former tomato grower-shipper East Coast Brokers and Packers filed bankruptcy on March 6 under Chapter 11 case number 13-02894.

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