bserver O LONGBOAT
You. Your neighbors. Your neighborhood.
free • Thursday, OCTOBER 18, 2012
DIVERSIONS
NEIGHBORHOOD
A tour of a Siesta Key home designed by Ben Baldwin. INSIDE
Motorcycle racer Michael Corbino is living his childhood dream. PAGE 19A
OUR TOWN
Courtesy photo
+ Goldfarb says ‘I do’ to early honeymoon
SPECIAL SECTION INSIDE
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by Kurt Schultheis | Managing Editor
It’s official: Ocean Properties to purchase entire Key Club Delray Beach-based Ocean Properties will purchase all of the Longboat Key Club and Resort’s assets this month and has plans for a future renovation project.
Longboat Key Education Center Executive Director Susan Goldfarb and her sweetheart, Michael Grossberg, recently became honeymooners — but they aren’t yet newlyweds. Goldfarb and Grossberg took a honeymoon cruise from Prague to Paris in September, ahead of their planned Nov. 3 nuptials. The reason for the early getaway? Goldfarb can’t take a break after the start of season. The couple is pictured in front of the Notre Dame Cathedral in Paris.
+ St. Armands to fill up with cars, treats St. Armands Circle is gearing up for a superb Saturday. From 10 a.m. to 4 p.m. Saturday, Oct. 20, the Circle will hold its first AutoRama on St. Armands, a car show that will feature the latest, greatest automobiles for 2012 and 2013. That day, the Circle will also hold a Taste of St. Armands; 13 restaurants plus two beer companies will provide some of their most delectable delights. For information, call 3881554.
+ Goodwill honors Longboat residents The Goodwill Foundation will honor two Longboat Key residents, Margaret Callihan and John Saputo, along with Lee Peterson and Stuart Roth, at its annual Ambassador of the Year Awards dinner Thursday, Oct. 18. The dinner, benefiting the Goodwill Foundation, will be held at the Hyatt Regency Sarasota.
Courtesy photo
On Tuesday, Ocean Properties Ltd. announced it had reached an agreement with Key Club Associates, LP, to purchase all of the Longboat Key Club and Resort’s assets from Loeb Partners Realty LLC for an undisclosed price. Key Club Associates, LP, the entity that controls the Longboat Key Club and Resort, announced Tuesday it’s reached an agreement with Delray Beach-based Ocean Properties Ltd., owner of the Longboat Key Hilton Beachfront Resort, for an outright acquisition of the entire club and its assets from Loeb Partners Realty LLC, for an undisclosed price. Ocean Properties Vice Presi-
dent Andy Berger and Loeb Partners Realty Vice President Adam Tegge made the announcement but declined to offer any details on the sale and what it means for the future of the resort and an Islandside renovation-and-expansion project, until the deal closes at the end of the month. “After further review and working through the complexities of the transaction, both
DAMAGES AWARDED
INSIDE: • Ocean Properties’ history • Key Club and Ocean Properties timeline / See page 3A parties felt that an outright sale was more appropriate,” a news release states. The acquisition comes less than two months after Ocean Properties announced Aug. 21 it
was formulating a joint venture with the Longboat Key Club and Resort and Loeb Partners Realty for all of the resort’s assets. At that time, it was announced that Ocean Properties would become an equity partner in Key Club Associates once a due diligence process had been completed. Key Club employees were in-
SEE KEY CLUB / PAGE 3A
by Kurt Schultheis | Managing Editor
Partnership, Klauber awarded $20 million The Colony Association is expected to appeal a pending order that could keep the Colony case in litigation for up to two more years. A U.S. bankruptcy judge in Tampa Friday, Oct. 12, recommended leaving control of the Colony Beach & Tennis Resort units with its unit owners and their Association. He also awarded more than $20 million in damages to the Colony Partnership, which includes long-
time Colony owner Dr. Murray “Murf” Klauber and the unit owners. The decision is likely to lead to further appeals and two more years of court hearings, unless a settlement among Colony parties can be reached, according to parties involved in the dispute.
U.S. District Judge Stephen D. Merryday outlined Oct. 12, 2011, two damages options to U.S. Bankruptcy Judge K. Rodney May: Grant a $7,751,470 damages award that also came with restoring the Partnership that allowed Klauber to control the hotel and the units; or award
Colony timeline / PAGE 2A $20,646,312 in damages without restoring the Partnership. May chose the latter. The potential now exists for the Partnership, which includes Klauber as the general partner, along with the resort’s unit owners, to
SEE COLONY / PAGE 2A
INDEX Briefs....................4A Classifieds ........ 29A
Cops Corner....... 13A Crossword.......... 28A
Opinion.................8A Permits.............. 20A
Real Estate........ 20A Weather............. 28A
Vol. 35, No. 13 | Two sections YourObserver.com