Condo association buys One Bal Harbour from bankruptcy

 

hsampson@MiamiHerald.com

Following years of court battles, the condo association at One Bal Harbour bought the property out of bankruptcy.

The 10295 Collins Avenue Residential Condominium Association closed on the $13.4 million sale Monday.

Included in the purchase: the hotel tower, common areas and nine unsold condo units. The association plans to sell the hotel portion.

According to Steve Cronig, the association’s attorney, developer WCI Communities filed for bankruptcy in 2008, three years after the property was built. Elcom Hotel & Spa and Elcom Condominium bought the resort and condos, but concerns over service and financial reporting on maintenance fees emerged quickly.

Those disputes led to two lawsuits, and eventually a second bankruptcy was filed which allowed for the property to be sold at auction, the attorney said.

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