Karlin Daniel, left,
and spotter Wesley Davis, standing, conduct the auction of the Sun
Valley Citrus packing and storage facility on Thursday in Fort
Pierce. The facility was sold for 3.3. million.
FORT PIERCE -- A Palm City real estate investment group posted the
winning bid of $3.3 million Thursday for a 31-acre citrus pacing
and storage facility in Fort Pierce.
The bid, which came during a two-hour, court-ordered fore-closure
auction on the Bell Avenue property owned by Sun Valley cold
Storage, was almost three times the property's assessed value of
In addition to the $3.3 million, the new
owners, 3 Golden Holdings LLC, also will have to pay back taxes on
the property of about $200,000. Stuart
auctioneer Karlin Daniel said.
the winning bid was considerably higher that the assessed value,
James Sebastiano, a principal of 3 Golden Holdings, said he
was "shocked" that it went for such a small amount.
thought it would go for $5 (million) to $6 million." said
Sebastiano, who has as partners Palm City residents Leo Cueto and
Sebastiano said the company will fix up the property, rent out
some of the buildings and simply hold on to it as an investment.
The company has "hundreds" of real estate properties, many of
residential, up and down the coast, but mostly on the Treasure
coast, he said.
The company was one of about eight active groups bidding on
portions or all of the property, Daniel said.
"Everybody's happy: it was a good day for the buyer and a
good day for the seller and the courts, " Daniel said.
The property, which is zoned industrial, was sold after a court
ordered a foreclosure sale May 10. Sun Valley long had
financial problems, with debts of up to $6 million. The
financial problems led to the loss of its citrus dealer license at
the end of 2002.