The United States Bankruptcy Court for the Northern District of Florida Panama City Division ordered the scheduling of an auction and a follow up hearing to approve the sale for Shores of Panama.  This will be a bulk purchase auction held on March 5, 2009 at 10 AM EST.  Initial bids must be received from Qualified Bidders by 4:00 PM CST on March 4, 2009. 
Qualified Bidders must deliver $100,000 certified funds in escrow; provide evidence of financial wherewithal, experience, and other relevant considerations before the Initial Bid Deadline.  Bids must be at least $80 million for the property.

Shores of Panama has 680 (estimated) feet of gulf frontage.  It sits on 6.5 acres.  There are roughly 1000 striped spaces in the attached 12-level parking garage.  The property will include 370 units with an average of 1,089 square feet per unit.    There is also commercial space of 27,412 square feet, the beach club, and two separate parcels of vacant land. 

ASSET STATISTICS
Unit  Type                               # of Units      Square Feet
A         1BR / 2BA + BK             8                        864
B          2BR / 3BA + BK            6                     1,131
C          1BR / 2BA + BK          32                        907
E          2BR / 2.5BA + BK        1                     1,131
F          1BR / 1.5BA + BK       11                        911
G          Efficiency                   20                       473
H         2BR / 3BA + BK           22                    1,453
I           1BR / 2BA + BK            3                       980
J           2BR / 2.5BA + BK        4                    1,070
K          2BR / 3BA + BK          66                    1,184
L           2BR / 2.5BA + BK      38                     1,102
N          1BR / 2BA + BK          69                       936
R          3BR / 3BA + BK          23                    1,523
S           2BR / 2.5BA + BK      22                    1,279
T           1BR / 2BA + BK         23                       951
U          3BR / 3BA                  22                    1,400

Total / Avg                      370                    1,089

Additional Details
Commercial Space 27,412 SF
Parcel #1-Vacant Land 0.5 acres
Parcel #2-Vacant Land 2.0 acres
Beach Club 1.4 acres