Levitt and Sons debtors' Gainesville property sale bid procedures approved

By Caroline Salls

Pittsburgh, Nov. 5 - Levitt and Sons LLC's Wachovia debtors obtained court approval of the bid procedures for the $1.1 million sale of a parcel of commercial property in Gainesville, Ga., according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

Easlan Capital of Atlanta, Inc. is the stalking horse bidder.

Easlan has paid a $50,000 deposit.

If the property is sold to an entity other than Easlan, the Levitt debtors will pay the stalking horse bidder a $100,000 overbid protection amount and a $50,000 break-up fee.

Initial overbids must be for at least $50,000 more than the Easlan bid. All bids must include a $50,000 deposit.

According to the order, the auction was scheduled to be held Nov. 4, and the sale hearing was scheduled for Nov. 5.

According to the motion, the commercial property is part of the debtors' Seasons on Lake Lanier real estate development project.

The Wachovia debtors include Levitt and Sons of Horry County, LLC, Levitt and Sons of Hall County, LLC, Levitt and Sons of Cherokee County, LLC, Levitt and Sons of Paulding County, LLC, Levitt and Sons of World Golf Village, LLC and Levitt and Sons of Manatee County, LLC.

Levitt and Sons, a Fort Lauderdale, Fla.-based homebuilding subsidiary of Levitt Corp., filed for bankruptcy on Nov. 9, 2007. Its Chapter 11 case number is 07-19845.

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