FORT MYERS, Fla. - The Oasis is up for auction Wednesday. This foreclosure sale is different from the so many others in Fort Myers. Up for bid, two condominium towers for $65 million.
Bank of America foreclosed on the Miami based developer of the 32 story towers earlier this year. The auction was originally scheduled for the end of last month but was delayed until today.
In one tower, all but one unit is empty. In the other most of the units are empty. Some of the residents are suing the developer for not delivering everything that was promised. Two restaurants, a clubhouse, pro shop and world class marina were never built and likely never will be.
The $65 million asking price works out to about $150,000 per condo. Far short of the $250,000 they were once supposed to start at. It's very possible the towers will sell for much less.
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