WCI granted court OK of $2.68 million joint venture membership sale

By Jennifer Lanning Drey

Portland, Ore., Feb. 4 - WCI Communities, Inc. received court approval of the $2.68 million sale of its membership in the Ashley Farms joint venture development in Marion County, Fla., according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The purchaser is Ocala 623 Land Development LLC.

The property is a 600-acre planned unit development.

WCI, a Bonita Springs, Fla.-based home building and real estate services company, filed for bankruptcy on Aug. 4 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 08-11643.

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