Developer reacquired land after losing it through foreclosure in 2011
EAST MANATEE -- A Medallion Home company has re-acquired 932 acres north of Parrish for $5 million, property records show.
The property, 11100 Buckeye Road, is vacant farmland that was owned by an IberiaBank subsidiary that specializes in managing foreclosed assets in Florida, according to property and business records. Medallion Home is owned and operated by Parrish resident Carlos Beruff, who once owned the land before the bank foreclosed on the property.
"It's a good piece of property," Beruff said Thursday. "We're very familiar with it, obviously, and we thought it was a good thing for a long-term hold."
Medallion Homes' company, Cargor Partners VI-Buckeye 928 LC, lost the property in foreclosure to IberiaBank in 2011, according to property records. Iberia had won the judgment for the property that year against Cargor partners, Pandolph Grove Service Inc., Bowen Brothers Fruit LLC and Gary Albritton, according to Manatee County Clerk of the Court records. The companies had defaulted on a $22.1 million loan for four parcels, including the 932 acres.
"We were going to do a mixed-use project there and we suspect someday in the future we'll do that, but at this point, we'll wait and see how this area will mature in a few years to see how it looks like," Beruff said.
The new deal was mainly financed with a $3 million loan through the Florida Federal Land Bank Association.
Charles Schelle, business reporter, can be reached at 941-745-7095. Follow him on Twitter@ImYourChuck.