Billionaire developer Michael Dezer is moving in on an aging Orlando timeshare, working through a court-supervised bankruptcy sale that would strip interval owners’ claims from the property deeds and hand the buyer a clean title. The parcel sits directly across International Drive from Dezer’s Dezerland Park entertainment complex, making it a highly convenient infill site for whatever redevelopment he has in mind. Timeshare owners and the resort association had already voted to wind down operations as part of the broader bankruptcy process.
As reported by the Orlando Sentinel, a federal bankruptcy judge has approved a roughly $8.1 million sale, and Dezer Development is under contract to acquire the Orlando property. The court has set a timetable that could bring the deal to a close in September. The Sentinel notes that Dezer toured the site on May 19 and quoted him saying, “I transform crap into gold.”
How the Court Sale Strips Timeshare Claims
The purchase is structured as a Section 363 sale, a process bankruptcy courts use to transfer property “free and clear” of competing claims once any related adversary proceedings are resolved. According to filings hosted by Omni Agent Solutions, the existing liens and interval interests would not travel with the real estate. Instead, they would attach to the net cash proceeds from the transaction, and the court would then oversee the distribution of that money to owners.
Who Owned What, and What They Could Receive…