Levitt and Sons Lee County real estate sale procedures approved

By Caroline Salls

Pittsburgh, Dec. 21 - Levitt and Sons, LLC obtained court approval of the bid procedures for the proposed $14.5 million sale of its real estate property located in Lee County, Fla., according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

BNYH Bonita, LLC is the stalking horse bidder.

If BNYH is not the winning bidder, Levitt and Sons will pay it $100,000 for reimbursement of expenses.

Under the proposed bid procedures, bids must be submitted by Jan. 28 and accompanied by a $1 million deposit.

Initial qualifying bids must exceed the $14.5 million purchase price by at least $150,000.

Successive bids must be made in minimum increments of $50,000.

The auction is scheduled for Jan. 30, and the sale hearing will be held by Jan. 31.

Levitt and Sons, a Fort Lauderdale, Fla.-based homebuilding subsidiary of Levitt Corp., filed for bankruptcy on Nov. 9. Its Chapter 11 case number is 07-19845.

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