Gulf Coast Town Center on auction block

Gulf Coast Town Center goes up for auction May 18th.  This will be exciting.  Beautiful center that has obviously been mismanaged.  Great opportunity for investor!!

Gulf Coast Town Center on Wednesday, Aug. 13, 2014. (David Albers/Staff)

By Patricia Borns, The News-Press

Less than two years ago Gulf Coast Town Center was coming out of the recession like gangbusters, on its way to being a Southwest Florida mecca of dining and retail.

Now south Lee County’s commercial epicenter is stunning the region with news it’s going on the auction block as a result of a $212.7 million foreclosure -– the largest stand-alone foreclosure in Lee County history.

No one thought it would come to this when Wells Fargo Bank sued the mall’s owners last year for defaulting on their $191 million loan.

See link to full article:  Naples Daily News

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