Bright’s Creek owner responds to bankruptcy sale

Published 10:00 pm Friday, August 11, 2017

Botero says Bright’s Creek is “not broken, merely bruised”

MILL SPRING – Following an announcement that Bright’s Creek is being sold at a bankruptcy auction this month, Bright’s Creek owner Omar Botero responded to the Bulletin’s request for comment.

Botero said as to Bright’s Creek Golf and Sporting Club, owners want to reaffirm their belief in the community, now more than ever.

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“Unfortunately, between the lingering effects of the world-wide credit crisis and its impact on development projects, the dramatic impact on sales caused by the public notice of the possible surgical dissection of Bright’s Creek by the proposed Duke Energy power line and finally, the choosing of the wrong capital partner, all of which came together in 2015,” Botero said, “their combined impact contributed to the need to seek protection in order to reorganize, which is the company’s right, and it is still committed to doing; notwithstanding the news of a bankruptcy sale.”

Botero also said owners think the best chance for all parties involved, whether that be creditors, owners or the community, is for a new capital solution to evolve at Bright’s Creek, “as it is not broken, merely bruised.”

Developers Bright’s Creek Holdings LLC first planned Bright’s Creek with a Tom Fazio designed golf course, equestrian center and lodge in the mid-2000s.

In 2011, Protex Investment Group Inc., owned by husband and wife Alexander Salgado and Gabrielle Barragan, purchased Bright’s Creek for approximately $23.5 million.

Alianza Trinity Holdings LLC, whose principals included Botero, Gilberto Iragorri and Pasquale Giordano, purchased the property in August 2013.

Alianza had plans to construct a swim and fitness club, a wine tasting room and one of the top VIP gun clubs in the United States, as well as a kids’ entertainment village with climbing walls, zip lines, a teepee village and tree houses, most of which has not yet been developed.

Since the Alianza Trinity Holdings purchase, Bright’s Creek has undergone a couple of foreclosure proceedings.

Bright’s Creek has continued to run full golf course, equestrian, lodging and restaurant operations. The facility recently wrapped up golf and equestrian summer camps and continues events throughout the year. Bright’s Creek also has riding and walking/biking trails throughout its 4,700 acres that includes hills, valleys, streams, wooded forests and waterfalls.

Bright’s Creek is located at 2222 Palmer Rd., Mill Spring and has a clubhouse, a member’s lodge with 11 rentable suites, an 11-stall equestrian center with 30 acres of paddocks, more than 120 finished custom homes, six condominiums and more than 3,000 acres of real estate for future development under the current approved master plan, along with the Tom Fazio 19-hole golf course.

The previous owners invested more than $100 million into Bright’s Creek and the current land plan includes plans for up to 1,370 units for residential development, a resort hotel, outdoor shooting club and miles of hiking and biking trails.

The golf course and resort community is currently for sale through a Section 363 bankruptcy sale approval process. All bids are due to the United States Bankruptcy Court Southern Division of Florida, Miami Division by Aug. 31.

Avison Young, a commercial real estate services firm out of Toronto, Canada, was awarded the sale listing.