For nearly three years, the unfinished Stadium Club luxury condo and retail project has cast its shadow on University Avenue, directly across from Ben Hill Griffin Stadium. But now, the building’s future is in the hands of a new owner.
The property was sold in a foreclosure auction in the lobby of the Alachua County civil courthouse on Wednesday morning. The case was brought to court along with four other commercial properties.
The building was sold to Ralph Larry Roberts Sr. of RLR Investments LLC for $1.5 million — about half of what of the previous owner, Stock Development, paid for the property in 2007.
According to the company’s website, RLR Investments is an investment company that sells and leases properties for commercial and residential use. Roberts also owns the Ohio-based company R&L Carriers Inc., a trucking company that has more than 100 facilities in 29 states.
Looking at the Robertses’ past business ventures, Stadium Club may finally have a chance for success.
The company was in charge of the development of the exclusive Golden Ocala Golf and Equestrian Club, which has a 77,000-square-foot clubhouse and more than 1,200 acres of land. It also includes special amenities such as a spa and fitness center, an 18-hole golf course with a 10-acre short game area, two practice holes and driving range, and a state-of-the-art equestrian facility for horses.
Representatives from RLR Investments declined to comment on the sale.
The plaintiff of the Stadium Club case, Vesta Equity LLC, started the initial bid for the property at $100,000. Ron DeFilippio, owner of The Swamp and other businesses in the Gainesville area, also showed interest in buying the property. His highest bid was $975,000, but he admitted that he wasn’t sure what he would have done with it.
Vesta Equity LLC, a Sarasota-based lending company, bought the remaining loan for the property in February 2009 and proceeded with foreclosure procedures the following month.
According to a foreclosure judgment made in September, Vesta is owed more than $2.6 million. Several other contractors, including Irvine Contracting, filed millions of dollars worth of liens on the project.
