WCI Communities seeks permission for $1.25 million sale of West Palm Beach, Fla., marina

By Alice Popovici

New York, Aug. 7 - WCI Communities, Inc. and Communities Finance Co., LLC requested court approval of a $1.25 million sale of its West Palm Beach, Fla., marina to Sidney Spiegel, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The transaction is a private sale with no bidding process. The objection deadline has been set for Aug. 26 and a hearing has been scheduled Sept. 9.

The marina, adjacent to a WCI-owned luxury condominium, was built by the company on the incorrect assumption that it would make a profit from sales of boat slips and equity club membership interests to residents, according to the motion. The company initially entered into a sale agreement with Spiegel in early 2008, but it was terminated.

The agreement is conditional on the company's ability to renegotiate a Florida Department of Environmental Protection requirement in its lease that land adjacent to the marina be donated.

WCI, a Bonita Springs, Fla.-based home building and real estate services company, filed for bankruptcy on Aug. 4, 2008. Its Chapter 11 case number is 08-11643.

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