Historical Fish Camp Of The Weeks Family In Estero Goes Into Foreclosure

Posted in Bank Foreclosures, Foreclosed Homes, Foreclosed Properties, Foreclosure, Foreclosure Homes, Foreclosures, August 8th, 2007 |

Thursday16th August is the scheduled auction day for the former fish camp in Estero near Coconut Road. The bell will ring at 11 am on the upper floor at Lee County Court House, Monroe Street, downtown Fort Myers. The court has given this information. As per ruling of the Judge Paskay of the US Bankruptcy Court in May this year, the owner Michelle Pessin, residing at Bonita Springs, was given time up to the end of July to sell the marina. Failure to do so will result in the creditor, First Integrity Bank of Minnesota to proceed with foreclosure sale. The attorney of Pessin, Foster was not available for comments.

Pessin owes the bank more than $11 million and has been trying to negotiate with a Florida developer for nearly a year but to no avail. Consequently a bankruptcy suit was filed y in April 2006 to delay a foreclosure that had been previously fixed. The idea was to give protection to four companies under its umbrella while reorganizing the dues.

The developers initially wanted to construct a condo hotel and public marina with dry dock facilities at the west corner of Coconut Road along the Bay of Estero. But the plans did not bear fruit. Pessin then took the help of chief restructuring officer McHale to fix a land deal with the developers. But the latter already had some land projects under contract with many other owners. They dido not want a marina and tried to work out a plan with the bank on a different programme. If the bank failed to be interested they will choose a different path. A new rescheduled plan for the property has been already chalked out. It can be made viable with the green signal from Pessin’s creditors and if Judge Paskay also approves on moving forward at a hearing set to be heard on 6th September.

The fish camp has a long history going back to 1900 when the Weeks family opened the fish camp, which is now near the Hyatt Regency Hotel. They lived off catching and selling fish. They also took people on boating trips showing them in and around sites of interest in the Bay of Estero. As such the fish camp is a historical spot with may years of memories linked with the history of the country.

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