After several other deals fell through, WCI, headquartered in Bonita Springs, closed on a sale Thursday to a group of European and Middle Eastern investors. The sale price was not disclosed. Observers pegged it at about $65 million. The buyer is AB Naples LLC, which describes itself as a “well-financed international investor group.” It was an all-cash deal, said Rainer Filthaut, president of AB Tuscany Holdings Inc., the parent company of the purchaser.“The dollar is low. The real estate prices are low. So that was for sure two reasons to invest in this property. Plus they got a very good price on it,” he said. The community, hc off Livingston Road at the Lee-Collier line, spans more than 460 acres. WCI invested hundreds of millions in the community to create an authentic Tuscan Village with arched stone bridges, towering fountains, pavers and lush landscaping, including a berm of bushes and trees facing Interstate 75. “I think it’s a very good community. It’s high end,” Filthaut said.WCI put the community on a list of assets for sale last year, as it looked for ways to stay afloat in a sluggish market. In its most recent quarter, the company lost $84.1 million, or $2 a share. That’s blamed primarily on fewer sales and high number of cancellations, with so many would-be purchasers walking away from their contracts.WCI designed Tuscany Reserve as its most exclusive golf course haven and expected to sell a limited number of homes for $2 million to $5 million, with golf membership in the range of $200,000. But it never really took off. In the last year, WCI has repositioned the community, offering homes for less than $1 million. There is an inventory of three homes, two condominiums and a villa. Most of the community has yet to be developed. It’s permitted for 530 homes and only about 30 have been built, Filthaut said. “We want to maintain the high quality and high standing of the community. So we are not going to increase density,” he said. He expects the community to continue selling similar-style homes and condos in the range of $1 million to $4 million. Over the next few months, Filthaut plans to put together a marketing and sales team. A new strategy for selling the homes will be developed.“I think we will really be back selling maybe in 9 to 12 months because we want to make sure the clubhouse is done and that people really see something is happening.”One of the biggest complaints by residents has been the unfinished clubhouse. Some roads are not paved yet either.The purchase of Tuscany Reserve is the first venture into the U.S. real estate market for AB Naples LLC. But the company is looking for others, Filthaut said.(source: naples daily 5-15-2008)Tuscany Reserve Homes For Sale
David William Auston specializes in luxury golf real estate in Naples, Florida and can be reached at (239) 273-1376 or David@DavidNaples.com
