One of the most prominent urban properties in Florida will hit the market for sale following a four-year foreclosure saga.
The Irish government, acting as receiver for the defunct Anglo-Irish Bank, repossessed the former Sarasota Quay property Monday after no other bidders made a viable offer at its long-awaited foreclosure auction, court records show.
The acquisition caps years of limbo for the 15-acre bayfront property, considered one of the most coveted along the Gulfcoast of Florida. Once planned for a $1 billion mix of condominiums, retail space and hotel rooms, the tract is worth only a fraction of the $100 million that Anglo-Irish has into it.