Barry Ansbacher was recently interviewed by Tiffany Salameh for a News4JAX article and segment. He discussed how The Serenata Beach Club in Ponte Vedra Beach was sold at auction for $1.5 million to North American Trading Group Inc. (NATG Inc).
Here, NATG Inc. was assigned the $11.6 foreclosure judgment by DLP Lending ahead of auction. However, it is unclear how much the debt was purchased for. Ultimately, NATG Inc. announced its eventual plans to transfer ownership of the club back to members.
With this, Ansbacher commented that the Butlers will likely be hit with a deficiency judgment for the remaining $12.5 million they owe on the mortgage. But this amount may ultimately depend on how much the debt was purchased for from the original mortgage lender. And if NATG Inc. bought the assignment from the lenders seeking foreclosure, the amount they paid may be private information.
Ansbacher essentially predicted that NATC Inc. would be the successful bidder. He noted, “If North American Trading wants the property, they don’t have to put up any new money unless they want to bid more than the full judgment. If you think about it, whoever is buying this doesn’t really know what they’re buying in terms of what the conditions are and what’s going on with the property. So, it’s a lot of money you would have to put up blindly, cash on the barrel, and there’s no going back.”
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