Bloomberg News

Doral Golf Resort Owner Agrees to $170 Million Property Sale

September 06, 2011

(Updates with court filing in third and fourth paragraphs.)

Sept. 6 (Bloomberg) -- The Doral golf resort’s owner agreed to sell the Miami property for $170 million as part of a restructuring of a group of luxury resorts.

A joint venture that includes hedge fund Paulson & Co. took control of eight resort properties including the Doral through a foreclosure earlier this year. The Doral, which was put into bankruptcy, was then put up for sale.

The $170 million bid is subject to higher offers at an auction, according to a Sept. 2 court filing in U.S. Bankruptcy Court in Manhattan. Edward Sassower, a lawyer for the resorts, didn’t return a phone call seeking information about the identity of the buyer.

The bid doesn’t include the Doral’s White course, one of five championship-level golf courses at the site, according to court papers.

The case is In re MSR Resort Golf Course LLC, 11-10372, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

--Editors: Andrew Dunn, Charles Carter

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net.

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.


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