$40 million in debt, bankrupt Orlando developer pushes for property sale amid investor losses

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

After accruing about $41.7 million in debt and filing for Chapter 11 bankruptcy protection Aug. 29 in the U.S. Bankruptcy Court for the Middle District of Florida, Orlando-based Primeland Real Estate Development LLC is seeking Judge Lori Vaughn’s approval to sell its main asset: a nearly 10-acre parcel in Kissimmee that’s home to a stalled condo-hotel project, according to court filings.

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The proposed bid procedures call for a 50-day marketing period, during which Fisher Auction Co. and its strategic partner HREC Investment Advisors will solicit bids for the property. The two companies worked together on the Crowne Plaza Orlando Universal Boulevard auction that spawned Hotel Landy.

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Court documents also show the following:

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